Skipping credit card payments may give you some relief when money is tight, but the repercussions can be serious.
Right now, millions of Americans are feeling the lingering burn caused by a mix of inflation and elevated interest rates. Not only are today's housing, groceries, fuel and other consumer goods prices much higher than they were just a few years ago, but borrowing costs are also much higher, too. And, while the Federal Reserve's rate hikes over the last couple of years have helped bring down the inflation rate from its peak of over 9%, the current inflation rate is still too high at 3.4%.
If this happens, you can expect repeated calls to your home, work, friends and family members demanding payment. And while federal laws prohibit abusive conduct, the torrent of calls and letters to try and get you to pay what you owe can take an immense toll.Potential lawsuitsIf you ignore debt collection efforts, the creditor may decide to pursue legal action. This begins with a formal summons and complaint being filed against you in civil court.
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