debt

Debt delinquency timeline: what to expect

Delinquent debt won't simply go away
Next
1 of 7
text

At a time when unemployment remains stubbornly high and job prospects seem dismally low, the danger of missing a credit card payment or two is all too possible for many borrowers. Some may be tempted to try to outrun the debt by dodging collection calls and throwing away creditor letters. But sooner or later, your debt will find you.

"Just walking away from a debt won't solve the problem," says Barry Paperno, consumer affairs manager for myFICO.com.

Your delinquent debt can follow you on your credit report and possibly all the way to court if you refuse to pay. Bankrate outlines the timeline for debt collection efforts and reveals what to expect and what you can do at each point.


 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CREDIT CARDS WEEKLY NEWSLETTER
Credit cards on a table

Get advice for managing credit cards, building your credit history and improving your credit score. Delivered weekly.

Debt Adviser

Is power of attorney status risky?

Dear Debt Adviser, I am so glad you recently posted a question about an elderly mother. My mother has dementia. Eight years ago, she opened a credit card for a family member who has now declared bankruptcy. My mother only... Read more

advertisement
Partner Center
advertisement

Connect with us