I can't pay my credit card. What will happen?
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rory
Apprentice
Joined: 08 Jun 2007
Posts: 3
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 Posted: 07/24/08 - 10:44 Post subject: |
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| I have recently started working and moved into a new house. Because of that my bills have increased and it have opened several credit card accounts. I can't pay my credit card and would like to know what will happen. If anyone has any useful info for me, that would be great. Thanks in advance. |
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morse
Apprentice
Joined: 04 Apr 2005
Posts: 5
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| Posted: 08/22/08 - 22:26 Post subject: |
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| Low interest credit card deals are very popular in recent years and it seems to me that it will continue to be so. It is unfortunate that you cannot pay for it, so it is best if you close it, if it is possible. There is no way to avoid paying for your credit card that is totally legal. However, if you cannot continue paying, your card will be frozen, you will not be able to use your account, and you will be charged with special interest which will not only put you into further debt, but can lower your rating. Now, you will not go to jail, but if your debt is too large there will be a lot of unpleasant consequences (like taking away things you own in order to make up for the debt). |
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