With Non Payment of Credit Cards, What is Likely to Happen to Me

Non payment of credit cards has unfortunately become more and more commonplace in our society. As the credit card companies have been charging ever higher fees, and the minimum payments have risen from a typical 2% to now 3%. While this doesn't seem like a huge jump, those with high balances on their cards felt it.

Credit card companies are starting to routinely send out settlement offers once an account is seriously delinquent. Some of these offers are as low as 20% of the total balance. Of course, these settlement offers must be paid in one lump sum, something not everyone can afford. However, this is starting to change and companies are becoming willing to work with their customers in regards to payment plans and other options.

The non payment of credit cards does set a fairly typical chain of events into motion for the customer. They can expect to receive a stream of phone calls and letters, polite at first then increasingly unfriendly. These calls will get even worse if the balance charges off and is picked up by a debt collector. A debt collector will think nothing of calling family and neighbors, ostensibly to try to reach the customer, but really just to increase the harassment.

Finally, worse case scenario, the debtor can be taken to court and possibly have their wages garnished and or a lien placed on their property.

Of course the way to avoid a non payment of credit cards pitfall is to pay off the credit cards and live debt free. Other options are to settle with the credit card companies, credit counseling, or bankruptcy.
Are you having trouble paying even the minimum monthly payment on your credit cards? You are not alone. Visit: Credit Card Debt Info today to explore your options.

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