If you default on your payments, your account will likely be sold to a third-party collections agency or debt-buyer. These collections agencies often acquire accounts for pennies on the dollar and can be very aggressive and persistent in contacting debtors. When your account is sold to a third-party collections agency or debt buyer, you will no longer have contact with the original creditor, and the third party collector will be your new point-of-contact for making payments and negotiating interest rates, timelines, and monthly payment amounts. Continued failure to miss your payments can lead to legal action, like a credit card lawsuit. Learn More