Credit Card: Beware of non-paying credit card bill payers, this will have consequences.

Not paying your credit card on time can have serious consequences. If you are labeled a delinquent cardholder, you could face huge financial penalties and risk having your assets seized. To avoid these adverse consequences, it is important to be aware of the consequences of defaulting on your credit card. Let's try to understand what are the consequences of not paying the credit card bill. If you don't pay your credit card payments on time, it can worsen your financial situation. You may have to pay penalties and interest, but you can avoid this by paying the balance promptly. If you regularly default on payments, your credit score may suffer and it will be difficult to get a loan later. If you ignore the reminders from your credit card company for too long and don't pay the bill, the bank may turn you away. Also Read: Shares of Domes Industries will write history, says Motilal Oswal If you don't pay your bill, you may face high interest rates of 30-35 percent. Banks may report your credit card as fraudulent and block it, making it difficult to get a loan or a new card later. When a credit card company labels you as a defaulter, the bank has the right to take legal action against you. If the arrears are too high, they can seize your property and sell it to recover the money. Also Read: Jobs: Even if you lose your job, your situation will be good and you have to invest so much from your salary. The post Credit card: Credit card defaulters beware, this is the result