What happens if I stop paying my credit cards?
The results can be nasty. Your creditors will take action once you start to miss payments. First, will be the late payment charge. Then the phone calls begin. And of course they don’t stop there.
- A creditor will start with late payments and potentially increased to payments through the collection process, law suits, and garnishment. It can also ruin their credit.
- Your minimum payments and interest rate will increase to make up for the late payments.
- They will start contacting you by phone, mail, or even text messages or emails with reminders to pay your bill.
- Not only can they take your money it will hurt your credit score, being able to find a place to live, or even a job.
But what if you can’t afford your payments?
You have options other than to stop paying. Talk to a certified credit counselor about your options. Consider looking into a debt management. Credit Advisors Foundation is a non-profit certified credit counseling agency. Our counselors will look over your expenses and credit card debt and give you an opinion. Our counselors will try to lower your monthly payment and interest rate to make it affordable and allow you to be able to make your monthly payment.
Your credit card debt will only get worse so don’t wait and call today.
