Question

Greg got in over his head and kept buying things on his credit card that he couldn't really afford. He ended up not being able to make payments on his card. What will happen because Greg failed to pay on his account?

1) He will have to open up more credit cards through the company.
2) His account will be in default.
3) He will have time to pay when he gets more money.
4) He will get a higher credit limit.

Answer 1

When Greg fails to pay on his credit card, his account can go into default, resulting in various negative consequences and financial implications.

Step-by-step explanation:

When Greg fails to pay on his credit card, several consequences can occur. One possible outcome is that his account will be in default.

This means that Greg has failed to make the required payments on his card for a certain period of time. Defaulting on a credit card can have serious consequences, including a negative impact on Greg's credit score and potential legal actions taken by the credit card company. Greg will also incur additional fees and interest charges, which will increase the overall amount he owes. It is important for Greg to communicate with the credit card company and explore options for repayment to avoid further negative consequences.