I will tell you against personal experience what will happen if you cannot make payments on your charge cards. You have gotten yourself "in too deep." You start to miss payments and the company calls you and also insists upon create a payment. They struggle to convince you to definitely exercise an offer with them to create a minimum payment. If you tell them that you cannot accept their deal, they struggle to convince you that there needs to be a way that you could pull the money out of the air.
They will not work in your minimum allowable rate. You perhaps are only able to pay $20 per month, but this is not inside their acceptable parameter. The organization then starts to harass you daily saying that you have to spend the money for balance entirely else your credit will be ruined. You feel alarmed wondering if they can file charges against you and perhaps you have sent to prison.
A couple of months down the road you start to receive telephone calls and letters from a lawyer stating that he has been hired to gather the debt, and when you do not pay in full he will have to take further action. Another couple of months pass, and also you discover that the debt has been bought by another company and also the harassment for payment entirely begins anew. Of course in the meantime your credit continues to be ruined. You are turned down for any sort of credit that you simply pursue.
Years go by . . . you have a new job and are finally able to make an offer to create payments about the debt. This goes along smoothly until that company sells your debt to a different company you never know nothing about the deal that you created using the previous company. Despite seven many the debt disappears out of your record. Companies give back letters to settle your debt. The nightmare continues.
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