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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.
The collection agency will now take over the responsibility of convincing you to pay your credit card debt. The costs (legal and otherwise) that will incur if the bank continues to pursue the delinquent account can be expensive.
Whatever they collect from you becomes their profit. Asides, it’s not worth their time anymore – that’s a simple way to explain it.
It’s important to know that circumstances will be different if you have issued a check or has signed a contract because a bouncing check or a breach of contract can be turned into a criminal case such as .
That’s why some collection agencies will try to make you issue checks or sign a payment agreement because that could give them legal grounds to file a real case against you.
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.
Thus, one should NOT consider the information below as an absolute fact that applies to all cases.
It will be erased after several years BUT NOT because you’ve been “forgiven” but because the computer database is close to full already and it needs to purge some old data.
And with higher capacity computers becoming more available nowadays, the time it will take for your bad credit history to disappear can and will become longer.
Not paying your credit card debt will reflect badly on your credit history.
Which means it will be difficult for you to get a personal loan when you need one.