You didn’t mean to. It may take several months to realize that you’re in big trouble and there doesn’t seem to be a way out. Alway declare the truth about your financial situation. The thought of not paying your bills has probably crossed your mind. Before you dwell on this thought any longer, let’s take a minute and look at what happens if you don’t pay your credit card bill and a better way to handle this like debt settlement so that you avoid bankruptcy and you don’t go delinquent on your credit card bills.
If you don’t pay your credit card bill, you’re in trouble with creditors calling and legal actions taken against you. You don’t want creditor agencies to call you at home and work, day and evening. Even if they follow the legal guidelines, you will feel like you’re being harassed. Next step, you will be reported to the credit bureau and a negative note will be made against you. Not good. The final resort your creditors will take is filing legal action against you such as garnishing your wages or putting liens against you. As it represents lot of work, they are less interested in the job but they will do it.
Consider credit counseling, debt consolidation, or debt settlement? Check for reputable agencies that can help you decide what is the best solution for your credit card debt. The first step will be to review your financial situation. If you don’t have a huge amount of credit card debt, they will plan a budget for you and help you get organized so that you can make your payments on time and get the debt paid off.
They will suggest you to consolidate your credit card debts. The agency consolidate your credit card debts and gets you a lower interest rate loan. By consolidating your accounts to only one, you have only one lower payment to make.
If your credit cards are loaded, the counselor will probably suggest you a debt settlement. The credit agency will do this for you. They negociate with the issuer of your credit card to settle your credit card account to a lower payment. You can try it by yourself but it would be easier to ask a professional to negotiate it.
Don’t consider not paying your credit card bills as an option for a debt relief. This isn’t a “fun” process either but is much better than having creditors calling, legal action, a bad credit rating, or even resorting to filing bankruptcy.
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