Expert: David - 3/8/2009

Question
I wonder if you could offer a timeline as to 1. when you miss your first payment on a credit card , what happens and what the time frame is. For example...they call you after 30 days, after 60 days issue a summons to appear, after 90 days ... etc. Thank you.

Answer
1. calls begin as soon as you are late.
2. Turned over to collections department/ sold to collection agency.
3. Charged off/ Judgement filed
4. Wage garnishment

The time line will vary from company to company according to the amount of debt.  The more you owe the faster this will all happen.  If the amount is very small it usually never progresses pass #3.

Large amounts will take 6-12 months to get to garnishment.