Thinking of Not Paying Credit Cards?

Doesn’t it seem sometimes like you’d like to be not paying credit cards? maybe just stop paying them? But what would happen? Well, things certainly will not get better, and in fact, you most likely will find yourself in a whole world of hurt if you try this tactic. Best thing to do is to contact your credit card company as soon as it appears you can’t pay credit cards anymore and are going to be falling behind for what ever reason. They may be able to work something out to make it easier for you to repay your debt.

Not paying credit cards will most likely put a sequence of events into motion that are not going to be pleasent. Here they are in the most usual order that you can expect.

You’ll start receiving lots of letters in the mail, fairly friendly at first, then as time passes, they will become more and more threatening in nature. After a few letters have been received, the telephone calls will start. they will become more and more frequent, and more and more threatening. And not only will the calls be to your house, you can expect to get calls from your family or your boss wondering why creditors are calling asking for you. The telephone calls will be very impolite as time passes. Finally, your account will get turned over to the collections department. These guys are not nice at all. They get pleasure out of making your life miserable. You will continue to receive these calls until it is decided they are not doing any good, and a different tact is called for.

Be assured that the creditors are reporting to the credit agencies, and your scores will start to plummet. This will continue until you pay the debt.

Bear in mind that even if you are not using the cards, you are racking up huge fees, interest charges, and other add ons. Once you miss payments, the interest on your balance will most likely go over thirty percent, probably sending the balance over the limit. This will add a new fee, the over-limit penalty.

Finally, if you continue to be not paying credit cards, the creditor will take you to court.  If you lose that lawsuit, most likely you will be looking forward to garished wages. You may be beginning to see how important it is to try to work something out before it gets to that point.

credit card companies really don’t want to have to go to all that trouble and expense though. If you are upfront and truthful with them, a lot of financial pain can be avoided. The credit card companies simply want to get reimbursed for the money they loaned you in the form of credit. How to avoid this trap entirely? Well, short of not using cards at all, use them only in emergencies, and then only for what you can pay off at the end of the month. Not paying credit cards is not a good option for anyone!