What happens when you do not pay your credit card bills?
by Mr Credit CardSIR, WHAT WOULD HAPPEN TO ME IF I DON’T PAY A TOTAL OF $10,000 CREIDT CARD BILLS? I AM DISABLED AND COLLECTING SSDI.
THANK YOU FOR YOUR TIME.
MS MAUREEN PERRY
Answer – If you do not pay your bills within 60 days, credit card issuers will report that as a late payment to the credit bureaus. Your credit score will take a hit.
But more than that, you will start getting calls from your credit card issuers about paying them. Some might take a more proactive approach. Some will be more laid back.
You are likely to see your interest rates go up (probably high 20s).
You might also see your credit lines reduced as you are perceived as high risk.
After a certain period (varies by credit card issuer), they may actually sell your debt to the collection agents. That is when you will get hounded by them on the phone.
What can you do?
If your income is fixed and you are disabled, you might as well consider the following.