does anyone know, REALLY know.... what, if anything, can a credit card company do to you if you quit paying yer bill?? i'm asking for a friend, of course.
You definatly dont want to not pay your credit card bill... Ruining you Credit is not what anyone need... Your credit rating is a very very important number.... If you dont pay your bill two things will happen... They will send your bill to collection... Then people will be calling you all the time wanting you to pay them... And let me tell you creditors are nasty people and very very rude.... Second they will report your deliquency to the 3 major Credit companies (Equifax, Experian and TransUnion) It will be on your credit report stating "No Payments.. Delinquint" Then The next time you need a loan, want a cell phone, need to renue car insurance, rent an apartment, buy a home, Buy a car... anything where they ask for a social security number it will come up stating that you cant pay your bills. In your Credit card agreement to agree to pay your bill.. Now your not... All of the people who look at your credit report will see you dont pay and you will either be dennied to pay out your ass in extra fees... It is not smart at all to not pay your bill.... If there are charges you didnt make... File a dispute, Or if the charges are your and you just cant pay them call the company and talk to them... They have programs that will suspend your payments if you have lost your job or have become injured (normally they must be signed up to prior than needing them, they cost like 2 dollars a month) .... If not pay your minimum (whats is mabey 10- 50 bucks) and suffer paying you high interest rates later... (also if you dont pay your bill the next time you get a credit card your rates will be very very high). If you atleast pay your minimum balance they cant do anything to you (yes it will go on your credit report saying your only paying minimums but is still better than delinquint) But they cant turn you over to a creditor or anything because you are making payments.
If you're asking us this, then CUT UP THE CARDS...or you know tell your friend to. Seriously, I've never even had a credit card. I actually just had to apply for one to have *just in case* because I have a little son, but unless you are a whiz with money, or need it for just in case (and that means you only use it in an emergency) you don't want to mess with credit cards. Think about it, you have a credit card so you can buy things when you have no money! How can that be a good thing?
You really don't want to do that. If you fail to pay your credit card bills on time it will make the rest of your life a lot more difficult. You'll have a big black mark on your credit rating, and it will be very hard for you to buy a car, a house, or get any kind of loan, even several years into the future. And if you DO manage to get a loan, you'll be paying much higher interest rates. In other words. PAY YOUR BILLS ON TIME.
Exactly, just to clarify, I meant to pay the bill somehow, and cut up the cards too. Credit cards aren't something you want to mess withas a generla rule, and if you have problems paying the bill you should definitely get rid of the evil thing(s)!
