What can happen when you fall behind on your credit card payments? Most people know that they can expect a hit to their credit score and perhaps phone calls from creditors, but often they believe that since the debt is unsecured, nothing more serious can happen. However, this is not the case. Ignoring your credit card debt can be very dangerous to your financial situation. In this episode, we’ll be talking about what happens when you fail to pay your credit card debt and what you can do when you find yourself falling behind. 

Topics Discussed in This Episode: 

  • What it means when a credit card company charges off your debt
  • What happens when a credit card company sells your debt
  • What to do if you’re receiving phone calls from a company that has purchased your debt
  • How you can be taken to court for your credit card debt
  • What happens when you ignore a lawsuit filed by a creditor
  • What your options are when you’re having financial difficulties
  • What to do if you’ve been sued
  • When to consider bankruptcy as an option 

Links and Resources: 

Free Bankruptcy Book