What happens if I default on a credit card?

If you default on a credit card in Washington, your credit card issuer is legally allowed to take action against you in order to try and recover the unpaid funds. Depending on the circumstances, this could include sending your account to a collection agency, filing a lawsuit against you, or even freezing any assets or accounts you may have with that credit card issuer. In addition to any legal action that the issuer may take, defaulting on a credit card can also have a negative effect on your credit score. Missed payments, high balances, and other negative information can stay on your credit report for up to 7 years, making it much harder for you to get loans or credit cards in the future. If you are considering defaulting on a credit card, it is important to contact the issuer as soon as possible to discuss alternative payment options. Your credit card issuer may be willing to work with you to establish a payment plan that will prevent the account from going into default. It is also important to keep your other accounts in good standing to prevent negative impacts to your credit.

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What happens if I default on a credit card?

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