Credit Rating

• Your creditors will report your lack of payment to the credit bureaus in addition to charging late fees and interest. Many creditors will impose penalty interest rates, which are significantly higher than your original interest rates.
  
  

Liens

• Your creditors may seek a judgment against you, which can include having liens placed on your property. A lien prevents you from selling the property without first paying the debt.
  
  

Garnishment

• If calling you and getting a court order holding you liable for the debt does not get you to pay, creditors may seek a court order for wage garnishment. Wage garnishments require your employer to send part of your wages directly to the creditor.