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Consequences Of Not Paying Your Debts

Updated on January 9, 2012

What Happens If You Don't Pay Your Bills

If you don't pay your bills, you are going to have a lot of trouble in life. Good luck getting a loan, good luck finding a job in some cases, and kiss goodbye any chance of getting a good interest rate on any loans you do get. It can take a long time to get out of credit jail, so don't even go there in the first place. Bills are not optional, so pay them!

When Your Owe Your Creditors Money

They will call you all the time. When you get up, there will be a phone call. When you go to bed, there will be a phone call. During lunch, at work and anywhere they can reach you, there will be phone calls. If phone calls do not work, they will send you letters. There is no getting away from your creditors when you owe them money. Even if no one calls you on your birthday, your creditors will call to wish you a happy birthday, and to get that bill that is due.

If You Don't Pay

If you don't pay your bills after a certain amount of time, you could be sent to court. Failure to pay your bills could lead to involuntary payments. Your wages will be garnished and you could have tax refunds and other assets taken away from you.

This means that you are going to pay your bills whether you like it or not. If you have to be taken to court, or if items are repossessed, your credit score will suffer. This means that even after making forced payments, there isn't much of an upside for you.

If You Cannot Pay

You have to declare bankruptcy. Declaring bankruptcy means that you still have to make payments in most cases. Chapter 13 bankruptcy is the most common form of bankruptcy, and it says you have to make payments and pay penalties to your creditors. Sounds fun, right? Even after making payments, you are still going to have debts outstanding on your credit report.

Chapter 7 bankruptcy will wipe your slate clean, but it still shows up on your credit report, so even this isn't a great option. You can only declare Chapter 7 under extreme hardship, so good luck trying to wipe the slate completely clean.


The bottom line is that your creditors are going to win somehow and someway. They have resources. Clearly, you do not have the resources, or else you wouldn't be in this mess in the first place.

How Do You Deal With Your Debts

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