Legal Question in Credit and Debt Law in California

Re: nonpayment of charge accounts

You will begin to receive a large number of collection calls to any phone number you gave the credit card company when you made application, and during any subsequent calls or correspondence. Next, they may attempt to contact any references you may have provided in your application to determine where you are. They will probably then (after some period of time) "charge off" your account as uncollectible, but will continue to pursue collecting what you owe. They will eventually assign the debt to collection agencies who will in turn, eventually sue you to collect the debt. In the interim, they will litter your credit report with delinquencies and charge-offs. Finally, after they obtain judgment in the lawsuits, they can levy your bank accounts and other assets, and garnish your wages.

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Re: nonpayment of charge accounts

Your interest rates will go up, it will be sent to collections, you probably will be sued, there will be a judgment against you for the principal, interest, costs of suit and attorney's fees, and your credit report will be negatively impacted. Once there is a judgment, the judgment creditor could levy your wages, real property, bank accounts, and make your life miserable until fully paid.