What if you Stop Paying Your Credit Card Bills - Good or Bad

What if you Stop Paying Your Credit Card Bills - Good or Bad

by Bryan Burbank

It seems like everyday things are getting more and more expensive and if you are like all of us we are using a credit card to pay for most of our purchases. The problem is we seem to get further and further into debt and most of us are just trying to keep up with the minimum balances. Should you keep paying these high balances and what if your late just one time. The credit card company will up your percentage rate to the maximum rate and it will cost you a lot more money.
Learn How To: Eliminate Debt

If you decide that enough is enough and you stop to pay your credit card bills then you will need to weigh out the good and the bad of doing this. On the good side you will probably be able to sleep better at night and you will always be able to pay a portion of your debt at a latter time. The negative can be that your credit score will suffer greatly depending on how much debt you have. You may also experience a lot of harassing phone call from debt collectors wanting their money.

It is important to know that a debt collector can not threaten to through you in jail, this is illegal. They are also not supposed to contact or harass family members about your debt. They must have permission from you to talk to anyone else about your debt.

Finally it is illegal for the credit card or collection agency to call and harass you at work.

You must look at the Good and the Bad when deciding to Stop Paying your Credit Card Bills