Have you ever wondered what happens if you don t pay your credit card debt? Do you want to avoid facing these consequences? Here’s a look at what happens to your credit report if you fail to make your payments on time. If you do not make your payments on time, the first thing that the issuer will do is delete your name from their database. In a few weeks, you should notice the effect on your credit score.
If you have a credit card account with additional cardholders, be aware that they are not responsible for the debt. Although they are not legally responsible for the debt, spouses or legal partners are. Estate management also affects credit account status. However, if a primary borrower passes away, the additional cardholder doesn’t have to pay the debt. Authorized users of the account may be able to collect the debt after their death, but they have to apply with the card issuer.