6 Answers
1. Your credit rating ceases to exist.
2. You will no longer be able to use the cards.
3. You are dragged into court & forced to pay.(As Colleen pointed out.)
Contact the organisations you are in debt to & give a valid explanation of why you can't pay.They will expect you to make some committment to paying the debt no matter how small.
10 years ago. Rating: 11 | |
The company will haunt and harass you, debt collectors can seize your property, you will be black listed. If you can't afford your credit card payments, contact a consumer credit counselling agency who can help you explore your options. Avoid the damage to your credit rating if you can, but make sure you realize the consequences of walking away from your credit card balance.
10 years ago. Rating: 3 | |
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