Question

Greg got in over his head and kept buying things on his credit card that he couldn’t really afford. He ended up not being able to make payments on his card. What will happen because Greg failed to pay on his account?

Answer 1

If you do not pay your credit card bill, you will have to pay late fees, have your interest rate increased, and it will damage your credit score.

Step-by-step explanation:

Your debt could be sold to a collection agency and the collector of your debt could even sue you. You could even have your wages garnished.

Answer 2

His account will be in default.

Step-by-step explanation:

Defaulting on a loan means you've stopped making payments as agreed. How delinquent an account must become to be considered in default depends on the lender and the type of account.