What happens if I do not pay my credit card?


The efforts made by banks and specialized offices, contracted by banks, to collect credit card debts are often fraught with threats. They assure you that they will sue you, that your assets will be taken away and that they will get you in serious trouble. That’s why we decided to write this article, explaining the myths and truths surrounding this question that many people ask themselves: really, what happens if I don’t pay my credit card?

The first thing I want to recommend is that you continue paying your credit card. Although the high interest rates on credit cards are often far-fetched and even unfair, it is our responsibility to pay it. If you are having trouble paying your credit card debt and want a little help to achieve it, saving a lot of money on interest.

Now, let’s solve the myth. If I don’t pay my credit card, this is what could happen to me:

 

You will not get rid of the bank

credit problem

The first thing you can be sure of is that you will start receiving many calls from your bank a few days after your first delay. You will be asked to pay even the minimum and they will tell you all the benefits of doing so. As the days of delay pass, the frequency of calls will increase.

 

You will not get rid of the collection office

credit problem

If more time has passed, generally more than 60 days, the bank will contract a collection office.
The collection office will intensify the efforts to charge you, try to contact you by all possible means and even try to contact your references. As time goes by, the tone of your calls and contacts will become a little more aggressive and threatening.
These collection offices become really hateful.

 

It will seriously affect your credit history

It will seriously affect your credit history

Not paying your credit card will have a very important negative impact on your Credit Bureau. As the days of delay pass, the negative report will be more serious and will cause more damage to your history.
If the account is sent to collection, it is considered a breakdown to the financial system and will leave a negative mark for many years in your credit history.
This will make it very difficult for you to be a credit subject, at least in several years, so you could not get an auto loan, a mortgage loan or any other financing you might need.

 

They may be charged from your debit account

They may be charged from your debit account

In many cases, credit card contracts stipulate that the bank has the right to collect your debt by withdrawing funds from your debit account. This would happen in the case where your debit account and credit card are from the same bank.

 

And if I don’t pay my credit card, could I go to jail?

No, you will not go to jail for a credit card debt. If a collection office threatens you in this way, you can rest assured that it will not happen.

 

But could they get me?

But could they get me?

Legally there would be means to do so. However, in practice it is very unlikely to happen, since it would require you to be taken to a commercial trial. It is really nothing common for this to happen when it comes to credit card debts.

Now we know the reality. Not paying my credit card will definitely generate a lot of discomfort, stress and will have a very negative impact on my credit history. That is why we must remember that the best option is, and always will be, to pay my debts. This will allow me to live in peace, with others and with myself, and also keep my reputation intact to continue being the subject of financing.

In another of our articles, we share the 4 steps that will help you pay your credit card debt and as of today you will not have to worry about what would happen if you do not pay your credit card.