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When you default on your payment, the bank will flag you as a delinquent card member. If you continue your non-payment, the calls will be more frequent until you reach a pre-determined number of missed payments.
After which the bank will dismiss your case and turn your account over to a collection agency. They are a third-party business who buys the delinquent accounts.
That’s a sad reality that many people around the world actually experience. To my knowledge, nobody has ever gone to jail for not paying their credit card debts. Because incurring debt is not considered a criminal act.
The best thing to remember is that all those are just empty threats so stay calm and don’t worry. Of course, this is assuming that you just simply failed to pay your credit card debts for whatever reason.
Which means it will be difficult for you to get a personal loan when you need one.Moreover, he/she says that the answers provided are solely based from his/her knowledge and may differ from how other banks conduct their business.Thus, one should NOT consider the information below as an absolute fact that applies to all cases.The worst case scenario is that first, you would have to live by cash for the rest of your life. Then start saving for it now because chances are, you won’t be able to get a loan from any bank.Secondly, you would have to deal with calls, letters and threats from credit card collection agencies for a very long time.