Does credit card debt affect my credit rating?
Yes, credit card debt directly affects your credit score and whether you will be approved for future loans, credit cards and a mortgage. As your credit card balance or miss payments fluctuates, as will your credit score.
What happens if I can’t pay credit card bills?
If you cannot pay your credit card’s minimum repayment, then your account will go into arrears. Following this, your creditor will demand the missing payments and, if you can’t pay, your account may go into default and, as a final resort, further action may be taken such as the employment debt collection agents.
Where can I find a balance transfer credit card?
You can approach lenders directly, or use the comparison websites available online such as:
How likely is it that my credit card could be suspended?
Credit card companies reserve the right to suspend your card if you consistently fail to make payments or if you have been in persistent debt for at least 36 months. However, credit card companies must also show forbearance and could freeze or waive interest and charges. Credit card companies must also contact you at 18 months of persistent credit card debt and continue to try and remedy the issue before reaching the card suspension stage.