When the economy is rough, so it our financial business.  Whether we’re not making what we used to, go laid off or are in the process of looking for a job, it is tough to pay the bills.  Not to mention, when it rains it pours.  It seems like once something goes bad or needs to be fixed, something else goes wrong.  If you’re finding yourself in this situation, you’re not alone.

Although, unfortunately when we come across a time like this it is hard to pay our credit card bills or bills we have for our home.  If you don’t think you will be able to come up with a credit card payment this month, this is what may happen as a consequence:

What Would Happen if I Didn’t Pay my Credit Card Bill?:

Score drops:  First of all, your score would most likely drop simply because you are no longer paying your bills on time.  This is one thing that affects your credit score.  So when you don’t pay your bills on time, it will lower.  The more you do it the lower it will get.

Fee:  You will most likely be charged a late fee from the credit card company.  It’s not for sure how much it would cost, but I would look it up in the fine print about your credit card.  It is important to pay it each month just to avoid the late fee, otherwise your bill will be even higher.

Court:  If you don’t pay your credit card and this happens multiple times you could be brought to court over it.  You borrowed money, the banks were nice enough to lend it to you and therefore they want it back.

Wages:  If you’re not paying your bills and it’s getting out of control they could garnish your wages.  Meaning they could be taking chunks out of your paycheck so that you’re forced to pay them.  You don’t want to get to this point, so make sure you only buy what you need each month so that you have left over money to pay your bills.

When you don’t pay your credit card bills there can be several consequences.  These are probably the most common and can really become a problem if you let this happen over and over.  If you miss it once it’s not too big of a deal, just pay the late fee, but don’t let it happen more than that!