You’re behind on your debt payments – big time – and you know that you should pay what you owe, and that if you don’t, your credit score will tank, and your credit report will signal to lenders that you’re a risky bet.
You know that from here on out, it’ll be harder (or maybe impossible) to get a loan on, well, anything. You also know that ethically you should pay off all of your debts.
But what if you have debt or debts that have gone to a collection agency? In other words, you cannot pay off the debts anytime soon, and the phone is constantly ringing, with debt collectors on the other end? What will actually happen?
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