Credit Card Debt Free

Can't Pay Credit Card Debt? Know what is going to happen

I can tell you from personal experience what will happen if you cannot make payments on your credit cards. You have gotten yourself "in over your head." You begin to miss payments and the company calls you and asks you to make a payment. They try to convince you to work out a deal with them to make a minimum payment. If you tell them that you cannot accept their deal, they try to convince you that there has to be some way that you can pull the money out of the air.

They will not work within your minimum allowable rate. You perhaps can only pay $20 a month, but this is not within their acceptable parameter. The company then begins to harass you daily saying that you must pay the balance in full else your credit will be ruined. You become alarmed wondering if they can file charges against you and have you sent to prison. A few months down the road you begin to receive phone calls and letters from an attorney saying that he has been hired to collect the debt, and if you do not pay in full he will have to take further action.

Another few months pass, and you discover that the debt has been bought by another company and the harassment for payment in full begins anew. Of course in the meantime your credit has been ruined. You are turned down for any sort of credit that you pursue.

Years go by . . . you have a new job and are finally able to make a deal to make payments on the debt. This goes along smoothly until that company sells the debt to another company who knows nothing about the deal that you made with the previous company. Even after seven years and the debt disappears from your record. Companies send you letters to settle the debt. The nightmare continues.