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You will be put into a collection agency for a while and they will hound you like a dog. Every time the phone rings where ever they can contact you and they will be nasty and threatening. After that if you refuse to pay them then your name goes to an attorney represented by the collection agency and you will be forced to go to court to pay for the balance and any fees they incur while trying to get payment from you. This is what you should do. Call the credit card company and see if they have a "curing Program" where for 6 months or so at a time they will lower or stop the interest fee and accept a lower amount then what comes on the statement. Sometimes if you call them directly they will be willing to accept the amount of charges only and drop the interest so the account can be charged off, so to speak. You will ruin your credit if you run from them. Believe it or not if you call and say "listen, Im having some problems paying right now, I can pay you this ______, can we work it out. I want to pay what I charged I have had a setback right now and they will work with you, avoiding them will make matters worse. Good luck. * This well discussed question id fully addresssed under the "Credit" topic. See Link. What will happen if you do not pay your credit cards?
What else can I help you with?
Can a credit card company charge over limit late fee and interest rates on a cancelled card?
Yes they can ! So long as there is an outstanding balance - even if the card has been cancelled - you are required to make the payments the company asks for on or before the date they're due. If you fail to make the payments in due time, they are entitled to charge a late fee and/or interest !
What are the costs and pitfalls of using charge card debit card and credit card?
With a credit card or charge card - the main pit-fall is interest. If you don't repay the whole outstanding balance before the end of the month, the card company willl charge you interest on the remaining balance. Charge-cards are often limited to one type of store - and charge higher interest than a 'standard' credit card. Debit cards can only be used if there is already enough money in the linked bank account to pay for the goods you're buying immediately. For example, if you try to buy something worth £100, and your account only has £75 in it - the transaction will fail.
What are the common reasons for a Luhn fail during credit card validation?
Common reasons for a Luhn fail during credit card validation include entering the wrong number, mistyping digits, or using an invalid card number.
What kind of fees a credit card company might charge?
The 'usual' fees charged by credit card companies are... Late fees - if you fail to make a payment by the due date. Card replacement fee - if you've 'lost' your card more than once, they could charge you for a replacement. Account fee - If they have to write to you because you failed to make a payment, they may charge you for the time taken to produce the letter. Insurance fee - usually charged on your outstanding balance, it's intended to insure you against you losing your job. That's in addition to the monthly interest.
Can the interest rate be increased if you have closed the credit card account?
Generally, not - unless you fail to make timely payments. If you receive a general notice about a change of rates, you can call the company to opt-out of the change of terms.
What can a credit card company do if you fail to pay off the bal?
harass you until it gives up
Can a credit card company charge over limit late fee and interest rates on a cancelled card?
Yes they can ! So long as there is an outstanding balance - even if the card has been cancelled - you are required to make the payments the company asks for on or before the date they're due. If you fail to make the payments in due time, they are entitled to charge a late fee and/or interest !
What are the costs and pitfalls of using charge card debit card and credit card?
With a credit card or charge card - the main pit-fall is interest. If you don't repay the whole outstanding balance before the end of the month, the card company willl charge you interest on the remaining balance. Charge-cards are often limited to one type of store - and charge higher interest than a 'standard' credit card. Debit cards can only be used if there is already enough money in the linked bank account to pay for the goods you're buying immediately. For example, if you try to buy something worth £100, and your account only has £75 in it - the transaction will fail.
What are the common reasons for a Luhn fail during credit card validation?
Common reasons for a Luhn fail during credit card validation include entering the wrong number, mistyping digits, or using an invalid card number.
Can a credit card company put a lien on a car your making payments on?
If you fail to make payments on your credit card, the company could sue you, take a judgment against you, and possiblyseize your car and sell it at auction. However, the credit card company would have to pay off the car loan in order to clear the title. That would not be worthwhile for them to do unless the car was worth significantly more that the unpaid car loan balance.It is also possible that the credit card company could not seize and sell your var because most states provide certain exemptions from execution on judgments. These exemptions vary widely from state to state.
Can you use green dot cards at Redbox?
yes. just tell the redbox its a credit card, then just swipe your debit card.An Opposing Answer:A credit card is not the same as a debit card, and vice versa. If you process a debit card as a credit card when that debit card is not encoded as an alternative credit card, the transaction will fail.
Can the interest rate be increased if you have closed the credit card account?
Generally, not - unless you fail to make timely payments. If you receive a general notice about a change of rates, you can call the company to opt-out of the change of terms.
What kind of fees a credit card company might charge?
The 'usual' fees charged by credit card companies are... Late fees - if you fail to make a payment by the due date. Card replacement fee - if you've 'lost' your card more than once, they could charge you for a replacement. Account fee - If they have to write to you because you failed to make a payment, they may charge you for the time taken to produce the letter. Insurance fee - usually charged on your outstanding balance, it's intended to insure you against you losing your job. That's in addition to the monthly interest.
How can I improve my changes of getting approved for a credit card?
You can start by never paying over your limit on a credit card. You will have a good credit score that way and will always be approved. If you do go over your limit and fail to pay back the debt in time, your credit score will get worst.
Why does credit card counseling often fail?
Most credit card counseling plans can only decrease the amount of interest you have to pay per year. They don't actually decrease the amount that you owe on your debt.
Can a credit card company charge interest on interest?
No. A credit company can not charge you interest on top of interest. With that said if you have a balance of $1000 and the company charges you $20 interest for that month. Next month a new balance is created $1020 then the company can charge you interest on $1020.00 if you fail to pay the $20 interest at the minimum. Interest is a finance charge and so long it does go over 59.9 per cent it is legal even on closed accounts. This is called accrued interest. If your account is closed due to unforseen of financial circumstances contact the credit and work out a payment arrangement and request interest to be stop. Many creditors will do so if the amount is paid in a timely manner usual 6-9 months. Otherwise consumer proposal is an option.
What are the disadvantages to making a credit purchase?
The one possible disadvantage is - You would be charged a hefty interest and penalties if you fail to make payments on your credit card on time. And also it would affect your credit rating..
