Are you not Paying your Credit Card Bills - Get Help

by : Bryan Burbank

A lot of people when faced with mounting debt will ask "Should I pay my credit card bills?" Yes it will give you some temporary relief and extra money in the short term but can have damaging consequences down the long road.

When you first go delinquent it is very common that you will receive constant calls from creditors wanting you to pay what you owe them. They will hound you calling 10 or even in some cases 12 times a day. They can usually find out your cell phone and work numbers, even in severe cases they will contact distant family members, which is against the law for them to do. Now if they are lucky enough to get you on the phone they can use many practices that can demean you and scare you into giving into their demands. They will try anything in the book, even threaten you to get you to pay them. You are protected however, by the Federal Trade Commission and should find out what your rights are before speaking with anyone.

Your credit score will be ruined by them reporting to the credit agencies that you are late on payment or have become delinquent. This can be damaging to you if you try to finance a big ticket item such as a house or a car. Please remember that you can always reach a settlement or once you make payment that your scores can be improved.

You can have many late, over the limit and interest fees that can be tact on to the original amount you owe. When you are in delinquency these creditors will charge you the maximum interest rate possible, usually over 30%. The late penalties can add up as well, usually $25-$50, and if you exceed your original credit limit, watch out, they will add those over-the-limit fees as well.

If your debt becomes very delinquent, the creditor can take legal action against you. It is possible that they could garnish your wages, get a lien or other legal judgments requiring you to pay up. Just remember this is a long process and companies do not like to get this involed. Just be aware it can happen and sometimes they are ruthless.

If you are in a situation where you can not pay maybe it would be good to seek out a professional. There are a lot of institutions that can help you in a financial crisis