You owe money, and you have decided not to pay all of it back (for various reasons).You can expect that the companies will try to get their money back.They will then sell that debt to a collection agency, which will start to contact you daily as well. That means your creditor could sue you, and money could be taken out of your salary automatically to make payments on your behalf.There is a federal limit on how much can be garnished (and this only applies to the unsecured debt that we mentioned, not student loans, alimony and other debt).
Or you could invest in a small business that fails.
Note: If you have a credit score less than 640, struggling to make monthly debt payments and would like to explore your options to reduce your debt by up to 50%, then please click our option below to customize a personal debt relief plan.
Custom Debt Relief Plan Having said that, you should still try to negotiate with them and see what they can offer.
In fact, once you start down this path, it will be a few years before you will be able to borrow again, and it will be 7 years before this mess completely disappears from your credit report.
But just think about this: if you barely afford to make the minimum payment, it will be at least 30 years before the debt disappears.