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What happens if you don't repay the money you borrowed with a credit card?

Curtis Rhodes

in Student Loans

1 answer

1 answer

Kaitlin Dean on October 22, 2018

\n. \n Answer \n. \n. \nPay all that you can, even if it is only the minimum each month. If you are in over your head and feel that there is no way out - find a credit councilor in your area, you can make a payment plan with their credit card companies that will suit your budget and income. Do not underestimate the importance of a good credit. What will happen if you ignore this debt is that you will pursue the rest of his life in a bad credit score, which means that you will never qualify for a good interest rate on loans or mortgages.\n. \n More information \n. \n. \nSome consumers are not aware that a creditor of any type can file a claim against the debtor to recover the money that is owed.\nCredit card debt with no warranty, but that does not mean the issuer cannot sue the debtor and execute a judgment in several different ways. The majority of creditors use a judgment as a wage garnishment or bank account levy, there are also other options depending on the laws of the debtor state.\n. \nthe other misconception is that the creditor has to accept any payment the account holder makes. This is not true, if the account holder fails to make the minimum payment by the due date, the loan agreement is in default. The creditor can continue to take payments of a lesser amount, but you can also send the account to collections or take other measures.\n. \nthe creditor, as noted in the previous answer report late payments, and defaulted accounts to the credit bureaus.

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