What are the consequences if you don’t pay your credit card bill? You might ask. Here are some of the possibilities.
The first and most common consequence is not to be able to purchase anything from the store. In the US, there are laws in place that protect credit card companies. This means that if you are unable to pay your credit card bill, your company will be able to suspend your right to use the store. That means you have to use a different store.
Another consequence is that the bank will take legal action against you to get your payment. They may also take away your right to do business with the company. In order to avoid that, the next time the bank gets you late on a payment, tell them how much money you need to clear your debt and what type of account you want to keep.
Consequences can also occur in a few states if the bank tells you that you cannot take their money. That’s because the bank thinks you might commit fraud.
If you have bad credit, there are a few options for you. Lenders who specialize in helping people with bad credit will most likely be able to help you with a business loan, but it may be necessary to go through a lot of extra steps to get the loan approved. There are some lenders who specialize in getting business loans for people with bad credit, and they will only accept certain kinds of credit for these types of loans.
If you get a notice from your credit card company that your bill is overdue, then your bank will probably send you an automatic bill reminder. The bank will also usually add on the late fee or a late payment charge to your card each month.
Many states, including Texas, have enacted laws to protect credit card companies from being responsible for late payments. If a customer fails to pay their credit card bill he can’t use his card again. Consequences are not limited to financial institutions, either. If you fail to make your rent payment, you will likely receive an eviction notice.
You may also be subject to consequences when a court finds you responsible for failure to pay a fine. No matter the type of consequences you have received, the goal is to pay off the penalties so you can resume good standing. To do this, contact the creditor and inform them that you would like to pay the penalty(s) on a monthly basis. Tell them you would like to continue to make your payments as scheduled.
However, if the creditor is not willing to discuss a payment plan, tell them that you will consider bankruptcy as a solution. In a few states, including Texas, you must be more than 18 years old to file for bankruptcy.
So, now you know what consequences are when you don’t pay your credit card bill. If you do not pay your credit card bills, you may face many other consequences.