What happens if I default on my credit cards?

Answer by  John (9008)

Defaulting on credit cards has a lot of bad results. Your credit will be greatly damaged. The credit card company can sue you and get a judgement, which will allow them to seize your property and garnish your wages. Moreover, you will also be responsible for collections and legal fees.

Answer by  koda (40)

Your credit score will be ruined. Other credit cards that you have will charge a highter rate of interest on your balances. Your fica score will go down.

Answer by  Susan (179)

First they call you to see why you have not paid. Then they call and call and call and send letters. Finally it goes to a collection agency. Then they call. Finally it will be written off as a bad debt. It stays on your credit report for 7 years after the last contact. It ruins your credit.

Answer by  Anita27 (656)

Skipping a credit card payment will get you slapped with a late fee, will increase your interest rate, and may lower the limit on your credit card. Worst of all, it will definitely lower your credit score which can impact all of your accounts, not just the credit card that is in default.