I Cant Pay My Bills - Help!

These days a lot of people are swimming in credit card debt. They all have to pay those bills or face the dire consequences.

Endless Harassment

If you do not know the meaning of the adage about somebody calling till the cows come home, then you will know for sure when you fail to pay your credit card debts. Your bank will turn over the your credit account to professional collection service companies that know their business and that business is to pressure, pester and harass delinquent debtors till the cows come home. We are talking about receiving calls, not just once a month or once a week but at least once a day.

Limited Job Opportunities, Maybe

The recession has made job opportunities limited as it is. However, when you have a less than satisfactory credit score, which was negatively affected by your non-payment of credit card bills, you are further limiting your chances for employment. This is because most employers will ask for your credit report and when they see your low credit score, questions will be asked and doubts will be raised.

Interest Rates on the Rise

Think of the domino effect in regards to raising your interest rates when you fail to pay your credit card debts. No thanks to the universal default clause in your bank contract, once you fail to pay on just one credit card, all your other credit cards will reflect an increase in interest rates. As such, your credit score will once again drop, which means that you will have more difficulty getting a new loan. And even if you do get that loan, your interest rates will be higher because of your higher credit risk.

Insurance Rates through the Roof

Just like new credit lines, your insurance rates will also go through a significant rise in premiums. Insurance companies also get your credit scores and then use it as a determinant in computing for your insurance premiums or, worse, on not renewing your policy. Because of such a sad turn of events, you will most often find yourself burdened by increased expenses on top of the debts that you have to pay. You end up in a worse situation!

Turned Away from the Inn

Well, not really the inn - more like the nice apartment you have been eyeing. Most landlords will ask for your credit report and when they see that your credit score is in the high risk category, you can say goodbye to your dreams of living in Poshville.

Wage Garnishment

Unlike in cooking where garnish means to beautify a dish, in bade credit, wage garnishment is not something that you would like to happen to your finances. It happens like this: When you enter into a contract with a creditor to make payments on your account and you failed to do so, a civil suit will be lodged against you in a process called garnishment. Basically, your wages and assets will have liens imposed on them - something that your employer will definitely not like.

Indeed, instead of walking away from your debts, we recommend getting professional help in negotiating and settling them. And thus will your nightmares start to end.