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Episode 3268:
Philip Taylor explains what happens when you default on a credit card, from late fees and mounting interest to aggressive collections and damage to your credit score. He also highlights the elimination of universal default, the importance of knowing your rights when dealing with collectors, and practical steps to recover financially after a default.
Read along with the original article(s) here: https://ptmoney.com/credit-card-default/
Quotes to ponder:
"Credit card default happens when you borrow money on your credit card and never pay it off."
"Once your account goes into default your credit score is going to take a dramatic hit."
"You simply have to prioritize. Four things come first: food/water, shelter, clothing, and transportation."
Episode references:
The Pew Charitable Trusts - Consumer Finance Research: https://www.pewtrusts.org/en/projects/consumer-finance
Dave Ramsey: https://www.ramseysolutions.com
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Optimal Finance Daily - Financial Independence and Money Advice