When facing amassing credit card debt, it is not uncommon for many individuals to ask “Why pay my credit card bills?” Granted, while this option is there and it may give you some extra cash for a few months, here are a few of the major repercussions you might be facing should you decide to go delinquent on your monthly payments:

1. Creditor/Collection Calls:

This might be the worst part of a delinquent debt-the constant calls from creditors demanding their money. Collectors have been known to call 8-10 times a day, at home, at work, on your cell phone. And these are the ones who follow the rules. Creditors have been reported to speak to bosses, neighbors, and family members (which of course is illegal). Once they get you on the phone they can be even worse. They use a number of psychological techniques to demean you and force you to give them checking account numbers or other bank information. In other words, they will do anything they can to make you pay. (Please keep in mind that your rights are protected by the Federal Trade Commission. To find out more information, please consult the Fair Debt Collection Practices Act.)

2. Damaged Credit Score:

Creditors will begin to report missed payments to credit bureaus which will inevitability have an affect on your credit score. These marks can be removed once a settlement is reached or payments are made.

3. Interest/Late Fees/Over-the-limit fees:

Not paying does not mean that interest will stop accruing. Once you go delinquent, many creditors will immediately raise your interest rate to the highest possible interest rate, about 30%. In addition, they will charge late fee penalties ranging between $30-50, and if your balance exceeds the credit limit, they are more than happy to tack on over-the-limit fees.

4. Legal Action:

Eventually, if a debt becomes very delinquent, a creditor may opt to take legal action which can result in liens, garnished wages, or other legal judgements requiring you to pay your debt. However, this is typically a long and complicated process that companies would like to avoid. Nevertheless, it does happen.

If you are considering not paying your credit card bills, it may be the perfect time to considering professional help. There are a number of financial companies that can help you find a Credit Card Debt Relief solution to your financial dilemmas. Why wait? Contact one today, as the first step in finding a solution to your economical problems is usually asking for help.

Cash advance payday loans are instant cash borrowings granted to the borrower without any form of teletracking or credit check. This type of a loan is a boon to those who have exhausted all other sources of borrowing. However, a payday cash loan should be taken only in case of emergencies or to meet any type of unforeseen expenditure. The value of such a loan should never exceed $1000, as the interest rate on such loans is very high.

Am I Eligible?

There are a number of financial institutions providing these instant loans. One can apply for such loans by filling up a simple online form. You must be at least 18 years of age to be eligible for such loans. Also, your bank account must allow direct deposit. It will allow your creditor to transfer money directly to your account. You will also have to provide the following data about yourself in order to avail cash advance payday loans:

Name Social security number Residential address Present employment ID Current bank account number

Some financial institutes might ask for more details. However, these are the minimum details that you have to provide while applying for the loan.

Beware Of Fraudulent Institutes

While applying for cash advance payday loans find out all the details of the financial institute lending you the money. Otherwise you might just end up giving your personal information to a bogus or even a fraudulent financial institute. So to be free of any legal hassle in future, make sure that you have a thorough knowledge of your creditor.

When Should I Apply For Such Loans?

Needless to say, that one must apply for such loans only under dire circumstances. If there is a sudden emergency and you cannot wait for your next paycheck only then apply for such loans. In such cases instant loans are a blessing. Providing such instant loans, without doing a credit check, is a risky business. Thus, cash advance payday loans have very high rate of interest ranging from 390% to nearly 900% as APR. In the United States there are laws forbidding very high rates of interest. But many financial institutes avoid these usury laws by forming relations with banks chartered in states without such usury laws. Hence, even the law sometimes cannot protect the interest of the debtor.