What happened Actions can be taken For Non paid credit?
Answers:
COLLECTIONS my friend. I know them well. If you don't pay they shut your card off, up your percentage, (and milk you dry. )Then they get you with added costs etc... I wish I knew now , what I didn't know then. Here's some advice I can give you. DONT claim bankruptcy ..everyone says its a great idea, but you will suffer for years... Starting paying them whatever you can a month. Set up a payment plan with there payment arrangement department. Even if it is $10 a month...do this. Pay this off with whatever extra money you can when you have it, the sooner the better. This is affecting your credit. Making it hard for you to someday get a line of credit, with banks, car loans, renting etc.( very serious stuff).. Like I said I know now. The report about every three months and if you make a payment reguarless of the amount, they will have to eport that you did so. (This will look better on your end in the long run...) Also, you can get a free copy of your credit report online, and this will help you see what you owe , if you owe more then one place. Also , sometimes companies forget to take off past paid debt, and you have to keep on that. Otherwise it, can affect your future, and your credit history. In this new age where a credit score can mean , a loan or no loan. And that can vital to you someday. Also if you owe alot of people alot of money there is always a debt mangement programs you pay them a certain a mount each month and they pay your creditors, each a little each month. Sometimes they will stop reporting to the credit agencies, if you make these arrangements. Debt managements work with them all the time. Always try to make your bills on time or send what you have , better the se your trying then not receving anything at all. Also, make contact with them.. ( I know this is the last possable thing you would want to do , but this is a much needed step to help them see you as a person, not an account number...) I hope this helps you. Good Luck.
Laws vary from state to state. Will show as deficient on credit report; will lead to collection calls; may eventually lead to judgements and liens on property; in some states garnishment of wages; higher costs and lower availability of lenders in the future; and of course all costs added to the bill.
Not paying on any type of credit account can seriously affect your credit score. This credit score is used to determine if you can get a car loan, other credit cards, personal loans, home loans, and may even affect your insurance rates.
It is always best to make timely payments on your credit card. If you know you will be having trouble with your payments call the credit card company and see what type of plan you can get on. Avoid defaulting and having them send you to collections. Collections is BAD, they will hound you day and night until they collect the money you owe.
Bankruptcy sounds like a good idea, but it will ruin your credit for at least 7 years. This means no new credit during that time, or if you find someone who will lend you money it will be at a very high interest rate (try a car loan for 15-20%).
The most they can do in the U.S. for a credit card debt, is to either send it to collections or try to collect it themselves by taking you to civil court. They may then try to garnish your wages and/or put a lien on you assets.
They cannot put you in jail.
Most of the time they will do nothing anytime soon.
The answers post by the user, for information only, BAnswer.com does not guarantee the right.
More Related Questions and Answers...