Bill Ranson

What Happens If I Don’t Pay My Credit Card Bills?

When facing amassing credit card debt, it is not uncommon for many individuals to ask “Why pay my credit card bills?” Granted, while this option is there and it may give you some extra cash for a few months, here are a few of the major repercussions you might be facing should you decide to go delinquent on your monthly payments:

1. Creditor/Collection Calls:

This might be the worst part of a delinquent debt-the constant calls from creditors demanding their money. Collectors have been known to call 8-10 times a day, at home, at work, on your cell phone. And these are the ones who follow the rules. Creditors have been reported to speak to bosses, neighbors, and family members (which of course is illegal). Once they get you on the phone they can be even worse. They use a number of psychological techniques to demean you and force you to give them checking account numbers or other bank information. In other words, they will do anything they can to make you pay. (Please keep in mind that your rights are protected by the Federal Trade Commission. To find out more information, please consult the Fair Debt Collection Practices Act.)

2. Damaged Credit Score:

Creditors will begin to report missed payments to credit bureaus which will inevitability have an affect on your credit score. These marks can be removed once a settlement is reached or payments are made.

3. Interest/Late Fees/Over-the-limit fees:

Not paying does not mean that interest will stop accruing. Once you go delinquent, many creditors will immediately raise your interest rate to the highest possible interest rate, about 30%. In addition, they will charge late fee penalties ranging between $30-50, and if your balance exceeds the credit limit, they are more than happy to tack on over-the-limit fees.

4. Legal Action:

Eventually, if a debt becomes very delinquent, a creditor may opt to take legal action which can result in liens, garnished wages, or other legal judgements requiring you to pay your debt. However, this is typically a long and complicated process that companies would like to avoid. Nevertheless, it does happen.

If you are considering not paying your credit card bills, it may be the perfect time to considering professional help. There are a number of financial companies that can help you find a Credit Card Debt Relief solution to your financial dilemmas. Why wait? Contact one today, as the first step in finding a solution to your economical problems is usually asking for help.

Scott Wallitsch is a certified IAPDA debt arbitrator for DebtorSolution. He provides Debt Settlement and Debt Consolidation advice to clients who are looking to become financially free and economically independent.

Medical Debt Bankruptcy – Are Your Medical Bills Impossible to Payback? – Consider Debt Settlement

You have been a very methodical person and have planned out your finances well. Credit card debt has never been able to strike you since you have been very prompt with your Credit card payments. Even after being so methodical in your finances, you now find yourself deep in debt. It was that sudden illness which struck like lightning. After this prolonged illness you have been struggling to clear your bills. The expenditure was so heavy that you had to go in for a loan to clear your bills.

Medical bills can break you back. Illness can strike when you least expect it. If it can not be covered by medical insurance your only option is to go in for a loan to get pay the medical bills. You are now struggling to clear medical bills that amount to more then $15,000. Your savings are not adequate to cover them. Thinking constantly and worrying about how to clear this debt can make you ill yet again. Hold on pal, there is a way out. Have you heard of debt settlements? This is one method out for you. Go in for a structured settlement and clear your debt.

Medical debts are best solved by structured settlements. It is a very good form of debt relief. You are paid a lump sum amount to clear your bills by getting a loan or the bill is cleared directly by the Settlement company after negotiating with the medical authorities. You pay back the amount in easy installments over a period of two to three years. This is the only method to pay huge medical bills that come un-announced. You debt settlement company can play a very important role not only in settling your medical bills but also in negotiating the overall amount. You can leave it to them and rest and recoup after the illness. Having driven the worries of your bills out of mind you can look forward to rejuvenate your body and mind. You will never have to look back for debt relief.

Bankruptcy is certainly not your best way to deal with debts. Debt relief and debt settlement can certainly make a difference, and eliminate a strong percentage of your debt and in the meantime you will avoid the consequences of having to file for bankruptcy. Make sure you are always informed in regards to the best solution for you, and eliminate as much debt as you can

Get Government Grants – Pay Off Your Bills and Eliminate Debt

Are you being swallowed up by to many credit card bills each month? Like most people the amount of our credit card debt seems to be increasing at a staggering rate. More and more people just can not afford to pay for anything anymore so they just charge it. This can become a problem for you because you only make a certain amount of money and if you charge more than you can afford to pay then your credit cards will go unpaid.

It may be time for you to explore getting a Government Grant so you can get those credit card bills paid off. Every year the Government will give away a certain amount of money. The money they give away is in the form of a grant and there can be many different categories that they have such as debt. If you think that you are in a situation where your only options is to get a Government Grant then you need to apply. Most of the Grant money that is given out is based on the person need of the money and also their ability to pay back a loan. If the need is great and they can not get a loan then usually you will qualify.

If you get into a situation where you have too many credit card bills and you find that you just can not pay them you will go into default. The worse thing about it is your credit score will suffer and you will also get many calls on your phone demanding you pay them as soon as possible.

The best thing to do it to get a Government Grant to pay off all your Debt. For more information on Debt Settlement’s.

Bryan Burbank is an expert in the field of Debt Consolidation and Getting out of Debt.

Many people fail to read the fine print when applying for credit cards. Even after they are approved, many people also fail to carefully read their statements. This could lead to disaster, as many credit card companies put clauses in the contracts which allow them to raise your interest rate for many different reasons. The fine print on a credit card document can be hard to read and tedious, and it is no accident that it was designed this way. Credit card companies make billions off the ignorance of their customers.

Back To School!

Even though the language used on credit card documents is complex, it is important that you understand it. It is something you agree to, and you don’t want to agree to something you don’t understand. Most credit card companies don’t have your best interests in mind, and this is why it is important to protect yourself. Most people are under the false assumption that credit card companies will only raise interest rates when you are late making your payments. Unfortunately, this is far from the truth.

Who Needs More Credit Card Debt?

With the average American family owing 10,000 in credit card debt, the industry is one of the most profitable in the world. As the minimum monthly payments are increased, this will insure that the credit card industry earns billions of pounds each year. The new bankruptcy law making it harder for people to get out of financial trouble will insure that the losses suffered by the credit card companies will be greatly reduced.

Save Your Credit Report

Many credit card companies will look at your credit report for any negative information. If they find it the interest rate on your credit card will be increased, often without your notification. Unless you read your bill carefully, you will probably not notice. Negative things on your credit report could be far more than just late payments. Bankruptcy or other problems may also be used as a pretext to increase the interest rate on your credit card. Your interest rate could be raised for something as frivolous as having too many accounts, or having too high of a balance.

This is unfair to the customer. Your interest rate shouldn’t be raised for something that has nothing to do with your credit card. If you find yourself in this situation, the first thing you want to do is call your credit card company and demand that the interest rate be lowered. If you are making your payments on time, the company has no reason not to lower it. If they refuse you should switch to another company. The market is highly competitive, and you shouldn’t have to stick with a company which raises the interest rate for any reason.

Keep Your Credit Report Up to Date

You should also check your credit report on a regular basis. It may have errors on it which can cause your interest rate to increase. It is also important to carefully read your credit card statement each month. If you see something which looks strange, immediatley call your credit card company to ask about it. When you apply for a credit card, read the contract carefully and ask about the interest rate and what causes it to increase.

Credit card companies make large amounts of money from people who don’t read their bills or contracts. It is your responsibility to make sure the information on your bill is accurate and correct. Credit card companies are prone to making mistakes, and will put clauses in their agreements which allows them to earn more money from their customers. It is important to check your information carefully to make sure there are no errors.

Credit Card Debt Forgiveness – Can I Erase 50% of My Bills?

What exactly is “Obama debt forgiveness” and what does the credit card debt forgiveness act really mean?

Many people are under the notion that they can just submit their credit bill to the US Treasury and they will get credit card debt forgiveness, but this program does not work like this. In fact this article was written to help clear up any confusion with “Obama and debt forgiveness” and how you can get your debts erased.

In browsing forums we have seen quite a few questions such as:

1. What is the credit card debt forgiveness act?
2. What are sample letters requesting credit card forgiveness?
3. What is credit card discharge?
4. What are Obama’s laws on credit card debt forgiveness?
5. Settling credit debt without destroying credit, is it real?
6. Can I erase my credit debt by 50-60%?

And much more.

Obama debt forgiveness has been spoken about since our President “forgave” debts that were incurred by major corporations that were lending money to the American public. Credit card debt forgiveness is what these creditors experienced in the sense that a majority of their debts were forgiven.

In fact billions of dollars of debt was wiped away in one day.

Now, this “charge card forgiveness” is a benefit to the American public.

In fact, all of the questions listed above are answered in two words: The credit debt stimulus package. This high influx of money is what caused many of our banks and lending institutions to stay in business. It is a sad fact that credit keeps our economy alive but it is true.

So how do you take advantage of the Obama credit card debt forgiveness package? Do you need to call the government? No. In fact it is much easier than that.

Many companies now give away free information that let you know how much you can get erased. There is only one criteria, you must have at least $10,000 in outstanding balances.

So, can you really erase your debts by 50-60% or more with the “Obama forgiveness plan?”

Yes, but you need to get a hold of the right information that can help you finally understand the benefit that this influx of funding has caused.

Do not fall for a company trying to charge you an upfront fee to read and listen to free information. There are enough reputable companies out there that will let you know how much you can get erased and give you this free information. Many times it takes less than a few seconds to get on the road to find out exactly how much you can erase from your credit report.

Did you know you can erase your credit debt?

It is now perfectly legal to Erase Credit Debt according to the new stimulus package if you have over $10,000 in debt.

They give out free information to help you erase your credit debt once according to the new stimulus package.

Click Here. It takes less than 10 seconds