What will happen if I don't pay my credit card bills?
Question: What will happen if I don't pay my credit card bills?
Answer: The first thing that happens is a derogatory remark of late payment goes on your credit file when you are 30 days, 60 days, and 90 days late. Your credit score is based 33 percent on payment history, so any late payments are a serious matter and can jeopardize new credit, insurance rates and sometimes even job applications.
A late payment could also bump up your APR to a default APR, which is quite often very steep. But continued late payments could also bring on harassing phone calls and demands for payment. If serious enough, it could lead to judgments, liens, and lawsuits for payment. Late payments are nothing to fool with.
You can demand the debt collectors stop contacting you, and if you are not subject to judgments, nothing more than a very tarnished credit history will result. But don't bother trying to apply for more credit, a job or housing rental, all of which require a credit check these days.
Important Note! The information in this article is believed to be accurate as of the date it was written. Please keep in mind that credit card offers change frequently. Therefore, we can not guarantee the accuracy of the information in this article. Please verify all terms and conditions of any credit card prior to applying.
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