What Happens If I Don’t Pay My Credit Card?

It’s often seen that one or another is indulging in credit card debt due to extra purchase beyond their buying capacity. This most of the time put a man in financial problems and he keeps on thinking about “Why should I pay my credit card bills? One can neglect credit card bill payments but some how or the other he must have to pay the credit cards bills. Here are some consequences of not paying your monthly credit card bill on time.

Hi, Pay Your Credit Card Bill!

One of the most annoying and disturbing thing after not paying your credit card bills is incoming of some frequent calls from your creditors. They try to reach you by calling at your cell phone, home phone or at you office phone and ask you to pay back their money. They often by pass the law by contacting you relatives, neighbors or to some of you colleagues. This act is illegal as all your rights are protected by the Federal Trade Commission. They try to abuse you on phone if you reluctant to pay the credit card bills. They use each an every mean to get back their money. They also try to get your other account info that also an illegal act.

Credit Score in Danger

Once you refuse to pay the credit card bill, creditor report your non payment of credit card bill to credit bureaus. They list your non payment in to your credit report and it also put a bad impact on your credit score. But you can restore your credit score again if you pay the credit card bill or settle the amount in future.

Double Trouble, High Interest Rate

An unpaid credit card bill does not mean that your payable amount remain stable at one point. It keeps on increasing due to its interest rate. Most of the credit card lenders impose high interest rate if once you refuse to pay the bill on time. This high interest rate can be up to 30%. It doesn’t stop here as you have to pay the late payment penalty that may also cost you nearly $50.

Creditor Can Take You To Court.

If you still not in mood to pay the credit card bills, credit card lender may take you to some court. A court then can punish you or ask you to pay the amount by any means. Although legal process is not so easy to pursue and most of the creditors avoid this option but remain prepare for this action also.