It is a matter of lack of common sense to stop paying any debt, and if it is from the financial institution it is much worse. Since if I do not pay my credit card they will repossess my house , because there is no doubt that when you acquire an asset in which the bank participates, it will use any means to recover the borrowed money.
The debts that are acquired with the credit card are due when the term for the payment is met, because if not, the interests will be added exponentially to the debt, becoming a major brand problem. On the other hand, if the bank decides to act in accordance with what is stipulated by law, they will take all the necessary actions to recover the money loaned , even carrying out a judicial auction .
What will happen if I don't pay my credit card ?
When you have trouble paying off credit card debt, you wonder what will happen if I don't pay my credit card ? To which I answer with certainty, telling them that the first thing they should do is remain calm to face the problem by prioritizing the payment of the card, so it is preferable to postpone some fixed expenses in order to be able to pay off the debt of the itself, and little by little to restore the credit.
The bank can refinance the debt and can even give you some facilities, because the banking business is precisely about earning interest and that is the reason for its existence; therefore, customers are its main asset because what would banking be if there were no customers?
The bank's credit card department will try to collect using all the means at its disposal to demand payment of the debt. But you will also defend yourself by arguing that at this time it is impossible to honor the commitment due to having been unemployed at work.
Can they put me in jail if I don't pay my credit card ?
According to many judicial laws, they can put me in prison if I do not pay my credit card , in most countries you can not put anyone in prison for a credit card debt but instead try civil actions to recover the debt, something like judicial liens and extrajudicial, as well as the execution of a pledge guarantee that would give the executor for this purpose to keep the guarantee as full payment of the debt .
It is inexcusable and the number of people who have credit cards is seen with great attention that instead of being pending to pay their debts, they spend it is asking and finding out if it is possible that they are imprisoned for not canceling the credit cards . That attitude leaves a lot to be desired and leaves the person who asks such questions very badly off and denotes the bad intention of those people by leagues.
It is understood that eventually anyone can have problems paying their obligations, but how do I pay my credit card, if I have tried by different means to achieve a refinancing and the financial institution has not granted it to me. Citing internal order problems that have interfered with the approval of the aforementioned extra financing.
Banks know their clients very well and know with whom they can have greater considerations when granting some special facility to their clientele in general and it cannot become a leonine practice to threaten clients with judicial or extrajudicial embargoes that far from Maintaining a policy of approaching customers seems more like a policy of harassment.
How does late payment affect my credit limit ?
Unquestionably and without any type of right we must understand how late payments affect my credit limit and of course we are aware that this customary delay will have dire consequences to get my credit limit increased.
For this reason, it is most advisable to maintain an active and high-performance credit limit , we must keep the credit card payment up to date and thus avoid damaging our credit, which can be badly needed at the least indicated time. Either to buy medicine or to buy a medicine or it can also be used to bring some food to those who need it most at this time. Therefore, I will always keep in mind that if I don't pay my credit card my house will be repossessed .