Stop Bill Collectors!

You’re unable to pay even the minimum balance on your bill due to unemployment, or other reason beyond your control. What’s next? A lot of people email me, asking “what happens if I simply do not pay my bill?” A few things could happen.

1. Your credit score may be severely impacted
2. You might be sued by your credit card company
3. A credit collection agency may take over your overdue balance

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I wrote in a previous article how dismayed I was that debtor’s prisons are actually alive and kicking in the USA in 2010. They don’t call them debtor’s prisons any more–they call them federal prisons or state prisons. There are four ways you can be sent to a debtor’s prison in the United States, for a federal debt, for child support,  for contempt of court regarding a judgment, for not paying state fines, and if a judge decides that you have the means to pay any debt (including credit cards and bank loans) but just aren’t paying up. That means a judge might decide that paying your debts is more important than paying your mortgage.
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