If you are finding it difficult to make ends meet and impossible to pay all of your bills, you might find it tempting to ignore the ones that are the least important in terms of necessity. This can mean your credit card bills, since you probably do not want to have any utilities shut off. However, what can happen if Fort Lauderdale residents stop paying their credit card bills? Will the debt just disappear?
Ignoring a bill is only a temporary relief that is likely to result in increased financial difficulties down the road. According to the Consumer Financial Protection Bureau, credit card debt does not vanish if you decide to stop paying it. Very soon, you will probably start to receive repeated phone calls and letters from your lender. After a while, the debt will probably be sold to a collection agency, and the calls and notices may increase. During this time, you may continue to accrue interest on the debt, as well as have your credit score negatively impacted. Your credit card lender or the credit reporting agency may also file a lawsuit against you. It is possible that you can end up with a lien against your property or garnished wages to pay the debt.
If you are having difficulty paying a credit card bill, it may be a better idea to contact the lender and try to come up with a payment plan you can afford. Additional options may include considering bankruptcy, if you cannot reach an agreement with your creditors. This information is not meant to replace the advice of a lawyer.