Register
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
361,596 views
22 votes
22 votes
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?

User Adharsh M
by
2.5k points

2 Answers

20 votes
20 votes

Answer:

If you do not pay your credit card bill, you will have to pay late fees, have your interest rate increased, and it will damage your credit score.

Step-by-step explanation:

Your debt could be sold to a collection agency and the collector of your debt could even sue you. You could even have your wages garnished.

User Aaron Thompson
by
3.1k points
11 votes
11 votes

Answer:

His account will be in default.

Step-by-step explanation:

Defaulting on a loan means you've stopped making payments as agreed. How delinquent an account must become to be considered in default depends on the lender and the type of account.

User Eugene Ihnatsyeu
by
3.2k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

1.6m questions

2.0m answers

Other Questions

If the rate of inflation in Japan dramatically increases while the rate of inflation in the United States remains constant, then a. the demand curve for dollars shifts to the left. b. the demand curve
If you buy a one-year bond for $4,000 and the issuer pays you back $5,000 at the end of one year, the interest rate on the bond is
The market value of the equity of Hudgins, Inc., is $582,000. The balance sheet shows $21,000 in cash and $192,000 in debt, while the income statement has EBIT of $93,000 and a total of $137,000 in depreciation
Kylie is risk averse and has $1,000 with which to make a financial investment. She has three options. Option A is a risk-free government bond that pays 5 percent interest each year for two years. Option
From the standpoint of the issuing company, a disadvantage of using bonds as a means of long-term financing is that Group of answer choices bond interest is deductible for tax purposes. interest must be
Link Copied!