Remove Charge Offs From Credit Report – What Happens When You Don’t Pay Your Bills? The Shocking Truth!
By Tim Beachum on May 14, 2009
As the economic depression increases more and more individuals are facing bills that are spiraling out of control. Most people will either pay on their debts or avoid paying their bills all together. This will definitely ruin your credit with the Equifax Credit Bureau, thus killing your buying power.
Whenever you send in a late payment chances are you will be charged a late fee. That’s not to mention the penalties that may be added on. As you can see the total can quickly skyrocket.
If you continue making late payments or not paying your bills at all the annoying calls from creditors will start. Creditors are relentless in their pursuits, they will call your home, job, and even your cell phone. To protect yourself from these buzzards I recommend that you take a look at the Fair Debt Collection Practices Act.
Although this next situation doesn’t happen often it does happen. I’m referring to creditors that will garnish your wages, and some will place liens on personal property. Like I said it doesn’t happen often but it does happen and I just felt it was something that you should be aware of.
If you continue to proceed down this path you will find your credit score in the pits. This will dramatically decrease your buying power. It will make it virtually impossible to get a loan, a bank account, and in some cases even a job.
There is no need to panic about your credit score. It is a lot easier to repair than most company’s will lead you to believe. The first thing that you need to do to repair your credit and to increase your credit score is to take action. Stop procrastinating and get started today.
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