I Stop My Dentist Treatment Do I Need to Continue Paying My Credit Card
Contents
- 1 What happens if I stop paying my credit cards?
- 1.1 Learn How to Legally Clear Your Credit Card Debt Without Paying–Call 877-332-8007
- 2 Best case scenario when you stop paying your credit card bills?
- 3 Worst case scenario when you stop paying your credit card payments?
- 4 What options do I have if I can't pay my credit card bills? There is good news!
- 5 What are debt relief programs available to help consumers with resolving overdue credit card bills?
- 6 Give Golden Financial Services a call for a free debt relief consultation at 877-332-8007. Don't just stop paying your credit card bills, learn your options first.
What happens if I stop paying my credit cards?
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- When you stop paying your credit card bills, your credit score will go down.
- Credit card companies will start adding on late fees each month. As late fees accumulate, you will fall further and further behind – making it harder and harder to get caught up.
- After you stop paying your credit card bills, within about 120-180 days on average, the account will get charged off and sold to a third-party debt collection company. (Charging off a debt is a strategy used by the original creditor to move the balance you owe from an asset to a liability, for accounting purposes.
- Your creditors will try to scare and harass you into paying by calling you relentlessly and sending letters – leading to embarrassment and stress. Creditors may even use illegal debt collection practices; it happens every single day in the United States.
- On your credit report, all of this history is illustrated – the late marks, collection marks, etc…
- Your credit score will continue to go down until the debt is resolved or removed from your credit report.
- Debt collection companies can continue to sell your debt over and over again until eventually, the debt expires through the statute of limitations in your state.
- The original creditor or debt collection company could issue you a credit card summons, where you would be required to appear in court. Don't skip court. The credit card companies gamble on you skipping court because then they win by "default judgment". More than 90% of credit card lawsuits are flawed and inaccurate, so just by attending court you can get it dismissed.
If you can't afford to pay your credit card payments, here are credit card relief programs that have proven to work.
Learn How to Legally Clear Your Credit Card Debt Without Paying– Call 877-332-8007
Fill-out a quick debt relief savings form to see how much you can save on your debt. If you stop paying your credit cards — the good news is — legally a portion of your balance can be wiped clean!
Best case scenario when you stop paying your credit card bills?
The debt collection company harasses you for a while and then gives up trying to collect on the debt.
Typically, if they don't believe you have a job or income, the debt collection company may cease collection activity for a while. Don't get fooled, though; they will be back!
After seven years in most states, the statute of limitations will be reached, and the debt will no longer be legally collectible — and will fall off a person's credit report. Rarely, do consumers get this lucky. Chart: SEE Statutes of Limitations in All 50 States
Source: NOLO, Nolo.com
Worst case scenario when you stop paying your credit card payments?
When you stop paying your credit card bills you can be sued.
A default judgment can be issued.
Your wages could potentially be garnished.
Judgments on your credit report are one of the worst items to have on your credit report.
Virtually, judgments can prevent you from using your credit for the essential purchases such as if you need to rent or buy a home and finance a new car.
What options do I have if I can't pay my credit card bills? There is good news!
You can contact a debt relief company to assist you with resolving unpaid credit card debts. Right here at Golden Financial Services, we have been providing debt relief services since 2004. Our company is A+ Rated at the BBB. We have zero BBB complaints and are proud of that!
And we can give you accurate debt relief program information. We are not a biased company that only offers one program. At Golden Financial Services you can learn about all of your options. Call 877-332-8007 . Our debt experts across the nation are available to assist you — right now.
Of course, we are not the only reputable company. You can find other reputable companies at https://BBB.org. You can also search for a non-profit consumer credit counseling company which is always a safe option. Learn about BBB Accredited Debt Relief, Settlement and Consolidation Companies.
What are debt relief programs available to help consumers with resolving overdue credit card bills?
Consumer credit counseling programs can allow you to get caught up on payments if you are only a month or two behind. (re-aging of accounts)
Debt settlement services can reduce your balances to a fraction of what's owed, making your credit card balances affordable to pay off.
Debt validation can dispute your debts, potentially turning them into legally uncollectible debts. A legally uncollectible debt is one — you may not have to pay. A debt collection company cannot continue reporting a debt on your credit report if they cannot validate it after it gets disputed.
Pro Tip: If you stop paying a card or multiple credit cards because you can't afford to pay them, consider debt validation before settling a debt. Why settle a debt and have it ruin your credit for the next seven years when potentially you can dispute it and get it off entirely!
Debt consolidation loans are probably not an option for you — if you stopped paying your credit card bills. Debt consolidation loans are used to pay off high-interest credit debts, replacing them with a low-interest loan. However; low-interest loans can only be obtained if a person's credit is in top notch shape.
Pro Tip: Debt consolidation won't be a viable option for a person who stopped paying their credit cards. The reason why is because debt consolidation is a loan that requires you to have a high credit score to get approved for, so if you stopped paying your credit cards already then your credit score would have taken a hit-making debt consolidation a bad option for you to consider.
Don't get a debt consolidation loan if the interest rate is high, that would make no sense at all!
Clearly examine the fees and interest rates associated with a debt consolidation loan before applying for one.
Read this next page to learn about the best ways to consolidate credit card debts.
Here you can try a debt payoff calculator tool that illustrates debt relief program information all in the one calculator.
Give Golden Financial Services a call for a free debt relief consultation at 877-332-8007. Don't just stop paying your credit card bills, learn your options first.
Source: https://nomorecreditcards.com/learn-how-to-stop-paying-credit-cards-legally/
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