Credit Card Mayhem
The end of the story.
At least he can get loans, even if they are at robber rates.
But what happens if you don't pay up?
- Default on a credit card (or, actually any debt), and there is no place to hide.
- For the rest of your life, everything you do with money is going to go on your record. Everything will be tied to your name.
- Default on a bill like a credit card, and the late fees and penalties add up. Eventually the card companies sell your account to a "collector." And before you know it, you owe a lot more than you think.