Can you go to jail if you do not pay your credit card bill? No, If you stop paying your credit cards, your life will become a lot more difficult. The first thing that will happen is that your credit score will drop like a rock. A few late payments can drop your fico score as much as 200 points. Your credit card company is going to raise your interest rates and start tacking on late fees.
When Will Creditors Starting Calling Me If I Get Behind On My Bills? Continue Reading »
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Posted in General Debt Articles
Tough times call for tough decisions when it comes to money. If you are facing a mountain of debt in a slow economy you should be nervous. Large debt is what brings people down fast. Once you start getting behind on your bills, it may be impossible to catch up. It is important to tackle you debt head on and pay it off as soon as possible. If you have to eat kraft macaroni and cheese and top ramen every meal it will be worth it. You need to start living by your needs and not your wants. Your wants are what got you in a pickle in the first place. Just think that you are learning a new habit. It may be painful at first but you can do it.
Cut Back On Expenses Where You Can To Pay Off Bills Faster Continue Reading »
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Posted in Debt Coaching Corner
What will happen if I stop paying my bills? It is important to know what will happen if you are unable to pay your monthly debt obligations. The first 30 day late that you have your credit score is going to drop like a rock. I have seen credit scores drop as much as 100 points just for one 30 day late. Your interest rates will probably go up as well. You credit card contract has a provision call the universal default rate. This is the rate they can charge you when you do not make a payment. Continue Reading »
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Posted in Credit Card Articles
