Do you know what happens if you don’t pay credit card debt? If not, you need to learn how to dispute a credit card bill. The Fair Credit Billing Act, which governs consumer credit policies, only applies to revolving charge accounts and “open-end” credit accounts. However, installment contracts, like most personal loans, are not covered by this law. However, many people buy major appliances on installment and repay personal loans.
In most states, only the borrower is responsible for credit card debt. However, in some states, such as California and Nevada, authorized users are responsible for debt. Authorized users cannot take legal action against the primary borrower and cannot damage their credit. If you’re concerned that an authorized user will inherit your debt, you need to carefully monitor your credit reports from the three major credit reporting agencies. In the event that you die before repaying your credit card debt, your family and loved ones may be left wondering who is responsible.