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The phone calls will start and eventually your phone will ring off and on from 8am until 5pm. It will feel like you are being harrassed and there is nothing you can do (short of having your phone disconnected). They will take you to collections, garnish your paychecks, your credit will be ruined and you will have a hard time financing anything for the next 10 years after a settlement. Advice: pay your credit cards or go to a credit councelor to help you figure it all out. They can take you to court, attach your wages, take back some of the stuff you bought or maybe, if you're lucky, they'll only report you to the credit bureaus. Certainly nothing incorrect with the previous answers. What happens is you inevitably pay much more than you could have, in money and time and effort -- and especially trouble....and likely, the businesses involved will make more!

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2007-02-10 19:30:55
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Q: What can happen if you just quit paying on your credit cards?
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Credit cards aid to build credit history in the same manner that any debt, whether it is from purchasing a car or by just paying rent. Be responsible with credit cards. You should not overspend.

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Closing the account will remove the temptation to spend up the cards again but, closing the account can actually lower your credit score. You ought to take that question and your private credit information to a credit counselor for a better answer. By the way, CONGRATULATIONS on paying off the cards!

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What are the positives of having a credit card?

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You can save hundreds and even thousands of dollars by paying just a few extra dollars each month on your credit cards. If you have a five thousand dollar credit card that is maxed out, just paying twenty or thirty dollars extra each month will have you paying it off around three years earlier. This depends on your interest rate, but it gives you an example of the money you will save. You will also raise your credit rating by having a lower balance as you pay off your credit card faster.

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