Can I Evade My Creditors Forever?

Now, isn’t that a foolish question, you may ask. But you’d be surprised at how many people actually contemplate running away from their credit card debt. They figure that since it is an unsecured loan, there is no collateral that the credit card issuers have as guarantee and there is precious little a bank can do to get back the loan amount.

Many people do try to put this theory in practice thinking that it couldn’t be any worse than paying off the high-interest unsecured loan amount and this is where they go wrong. As you read the points below, remember that each of these can be irritants for you and all of them combined are guaranteed to cause you more grief than paying off your debts ever would.

Here are some ways in which your creditors can cause you pain if you try to ditch them:

- Give you a real poor remark to damage your credit score: Imagine what this will do to you if want a new job and your new employer decides to check your credit rating; you will see your chances of landing a new job evaporate. Of course, you can also kiss goodbye to any chance of a loan till you have repaid your old one. Also there is something known as garnishing, which means that the creditor can take portions of your wage if you do not keep your end of the bargain by repaying the loan on time.
- All the while that you are not paying your creditors, you are accumulating fees. Imagine what will happen the day the long arm of the creditors finally catches up with you.
- You will live in daily fear of direct contact by the creditors, they can trace you surely. There is no collateral to lose but know that daily nagging by your creditors is going to make each day unpleasant for you. If your creditors decide to sell your debt to lawyers or professional collectors then you are in for some hardcore nagging by these entities.
- What do you do if finally your creditor decides to take legal action against you? You won’t have the time or money to attend court and afford lawyer fees.
- If you are carrying some form of insurance, your insurance rates may be jacked up if your loan payments start appearing delinquent in your credit report.

Suffice to say that walking away from a loan is not the solution; there are serious consequences to not paying your credit card debt. The right approach would be to seek credit card counseling and work steadily to improve your credit score.

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Can I Evade My Creditors Forever?

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