As the economic depression increases more and more individuals are facing bills that are spiraling out of control. Most people will either pay on their debts or avoid paying their bills all together. This will definitely ruin your credit with the Equifax Credit Bureau, thus killing your buying power.
Whenever you send in a late payment opportunities are you will be charged a late fee. That's not to mention the penalties that may be added on. As you can see the total can quickly skyrocket.
Once you are behind on your bills that's when the calls start. Collectors will start relentlessly calling your home day and night. I have even heard stories about collectors calling individuals cell phones. The important thing for you to understand is you do have rights. I highly recommend that you take a look at the Fair Debt Collection Practices Act.
It does not happen often but after the calls some collectors will resort to garnishing your wages. I have even heard of some collectors putting a lien on properties.
If you continue to proceed down this path you will find your credit score in the pits. This will dramatically reduce your buying power. It will make it virtually impossible to get a loan, a bank account, and in some cases even a job.
If you find yourself in the unfortunate situation of having a poor credit score all is not lost. Take the time to review the credit repair kit that has changed the lives of over a thousand people.