What truly happens if you don't pay interest fees?

Ravenfreak's Avatar
Ravenfreak · in Economic Roundtable
1 comment 230 readers
Ravenfreak's Avatar
#1

What actually happens to you if you don't pay the interest fees that are tacked on to your credit card and other loans? Do the banks continue to harass you or does it just cost you your credit score to plummet? I'm curious because I'm currently paying off a Care Credit bill, and despite the fact that I do work in a bank I work in processing and I'm still learning about financial topics since public schools don't do a good job teaching students about the truth.

MoneyMan's Avatar
#2

I would not advise that. In theory, the bank just doesn't make money off of your loan. In practice, you destroy your credit and it will go into collections because you signed a loan contract stating that you would pay all that.

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