What Happens When You Ignore Outstanding Debt?
Choosing to do nothing about mounting debt obligations is often the costliest path. Unattended balances do not simply disappear; they accumulate compounding penalty interest, late fees, and legal liabilities.
1. Exponential Balance Growth
Default APR rates (often exceeding 29.99%) are triggered alongside monthly penalty fees.
2. Legal Lawsuits & Wage Garnishment
Creditors or debt buyers file civil suits. Unanswered summons result in default court judgments, allowing garnishments directly against your wages or bank accounts.