One of the primary problems facing America today, especially when it comes to finance is the way we think.  We think that we can spend money that we don’t have and face no consequences, that simply is not the case.

If you refuse to pay your credit card bills for long enough, you may have to default on the card.  This is basically going through bankruptcy.  There are a few positives that can result from defaulting on a card, these positives include being exempt from paying any more of the credit card debt and having creditors off of your back for a while, but the negatives far outweigh the positives.

For one your credit score will take a serious hit. You will be guaranteed to have an awful credits core which can have awful consequences. Obviously your access to credit will be severely damaged if not cut off entirely. Why would a lender give money away to someone who has already defaulted on their credit card? That is exactly what they would be doing, giving money away. If you do happen to find lines of credit you will be charged a crazy interest rate that will be crippling.

Another consequence that goes along with defaulting on a credit card is your employment being effected. These days employers look at everything, especially credit history. It is hard enough right now to get a decent job with a “clean” credit record and excellent resume, do not make things any harder on yourself.

Defaulting on a credit card and/or declaring for bankruptcy is like a felony in the financial world. It may sound intriguing and the easy way out but you want to avoid them at all costs. There should be better options available to you, do not ruin your finances for life.