What are the consequences for not paying a credit card debt?

In South Carolina, if someone fails to pay a credit card debt, there are serious consequences that can follow. A creditor may attempt to collect the debt through legal action, such as filing a lawsuit in court. If successful, the creditor can obtain a judgment against the debtor. This can result in wage garnishment, which is when money is taken directly from a person’s paycheck to pay the debt. A creditor may also place a lien on the debtor’s property, protecting their right to compensation by preventing the sale of the property until the debt is paid off. Finally, if a person fails to pay their credit card debt, it can remain on their credit report for up to seven years, negatively impacting their ability to receive future credit and other services. This means that future creditors may look at the person’s credit report and see the unpaid debt. This can result in higher interest rates on loans or higher premiums for insurance. It can also result in the person being denied credit entirely. It is important to note that, in South Carolina, creditors are generally prohibited from making harassing phone calls or communicating via mail in connection with a delinquent debt. If these prohibited behaviors occur, the debtor may have legal recourse, such as filing a complaint with the state attorney general or filing a lawsuit against the creditor in court.

Related FAQs

What are the risks of debt settlement?
How can I dispute fraudulent charges on my credit card?
What are some of the most common defenses used in credit card dispute resolution?
What are the consequences for not paying a credit card debt?
What is the Fair Credit Billing Act?
How can I prepare for a chargeback?
What should I do if I disagree with a credit card company's decision?
Is it possible to obtain a refund if I have been the victim of fraud?
What are some of the best strategies for protecting myself from credit card fraud?
What is a chargeback?

What are the consequences for not paying a credit card debt?

Related FAQs

Related Blog Posts