Stopped Paying Credit Cards

You can legally stop paying credit cards at any point. While you won't face criminal charges, you will face negative financial consequences. The credit card company could sue you to collect the debt, for example, or it could garnish your wages.

The exact timeline, events and impact can vary, but here's what you may expect: One day late: The credit card company may charge a late fee and end a promotional interest rate. 30 days late: The card issuer can report your late payment to the credit bureaus. 60 days late: A penalty APR may apply to your balance.

Meanwhile, late fees and penalties snowballed. At one point, credit card companies were hounding me for $1,100 per month after late fees and interest. For me, $1,100 covers rent, utilities, and ...