What Will Happen When You Don"t Pay Your Debts
Debt has a nasty way of piling up and getting out of hand.
At times it can be too much to bear, and it's tempting to just ignore the problem and hope that it somehow goes away on its own.
The odd thing is that it seems as though you can ignore your debts without too much of a problem...
at least for a while.
But problems will eventually develop.
With that in mind, here's what will happen when you don't pay your debts.
No matter how much you wish the opposite were true, the problem will only continue to get worse.
Late fees, higher interest rates and other penalties continually add up if you don't make your payments.
Oh, and to make it even worse, all of these extra charges are compounded and soon your problem has gone from bad to worse to unbearable.
Your debt will not go away on its own.
You can't ignore your way out of debt; to be blunt.
There is only way to get out of debt and that's to follow through on a debt reduction plan.
You can try to ignore it, but it will only be getting further out of hand...
until it reaches the breaking point.
If you let it go for too long, your debt will eventually be turned over to collections.
If you dread the thought of dealing with your original creditors, then you should know that dealing with collection agencies is going to be many times worse.
Making arrangements with your creditors will prevent your account from going to collections.
Another thing to keep in mind is that your creditors lose money when they sell off your debt to a third party; so they can almost always work out terms that are favorable to you and are often willing to do so.
There is a real possibility of being sued and having your wages garnished.
It takes a long time before your creditors will do this, but it can and does happen.
The law says you must be notified of any court proceedings so you can defend yourself, but by that point it may be too late to work something out.
These answers to what will happen when you don't pay your debts should be enough to motivate you to start paying.
Create a plan that you can afford, then contact the people you owe money to and start negotiating.
At times it can be too much to bear, and it's tempting to just ignore the problem and hope that it somehow goes away on its own.
The odd thing is that it seems as though you can ignore your debts without too much of a problem...
at least for a while.
But problems will eventually develop.
With that in mind, here's what will happen when you don't pay your debts.
No matter how much you wish the opposite were true, the problem will only continue to get worse.
Late fees, higher interest rates and other penalties continually add up if you don't make your payments.
Oh, and to make it even worse, all of these extra charges are compounded and soon your problem has gone from bad to worse to unbearable.
Your debt will not go away on its own.
You can't ignore your way out of debt; to be blunt.
There is only way to get out of debt and that's to follow through on a debt reduction plan.
You can try to ignore it, but it will only be getting further out of hand...
until it reaches the breaking point.
If you let it go for too long, your debt will eventually be turned over to collections.
If you dread the thought of dealing with your original creditors, then you should know that dealing with collection agencies is going to be many times worse.
Making arrangements with your creditors will prevent your account from going to collections.
Another thing to keep in mind is that your creditors lose money when they sell off your debt to a third party; so they can almost always work out terms that are favorable to you and are often willing to do so.
There is a real possibility of being sued and having your wages garnished.
It takes a long time before your creditors will do this, but it can and does happen.
The law says you must be notified of any court proceedings so you can defend yourself, but by that point it may be too late to work something out.
These answers to what will happen when you don't pay your debts should be enough to motivate you to start paying.
Create a plan that you can afford, then contact the people you owe money to and start negotiating.
Source...