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Is it possible to get rid of your credit card debt without paying anything? That sounds great, right? Wouldn’t it be awesome to eliminate all your credit card debt without having to pay a penny? Hold it just a second, it can be done but it may not be what you’re thinking.
If you’re struggling to make your credit card payments, there’s a number of reasons why that could be the case. However, it could just be the fact that you just can’t pay off your credit card debt. If you don’t have the money, you don’t have the money. What should you do?
While we never recommend not paying your credit card debt, some people can’t help it. At some point, other things are more important than the credit card debt. However, it presents a big challenge. If you can’t afford to pay your credit card bills, what do you do?
What would happen if you don’t pay your credit cards? If you choose to ignore your bills and you don’t make payments, your accounts will become delinquent. If you’ve ever been delinquent on a debt, you probably know that creditors get antsy when you stop making your payments. You’ll start receiving letters and phone calls on a regular basis.
Eventually, your unpaid debts become charged off, which means the creditor writes them off as a loss. Now, that may sound great but it’s not. No matter what, you still owe that money. The creditor will send your account to a collection agency and you’ll have to deal with them versus the creditor.
Debt collection agencies do have the right to collect the full debt. They may tell you they’re willing to settle for less. For example, you may own $5,000 and they may offer you a deal to pay $3,500. Then again, they may require you to pay the full balance, they do have that right. They will pursue you for the money, with persistent letters and phone calls. If they have no success getting you to pay, they may ultimately choose to sell the debt once more, and the cycle will continue with a new debt collector.