I’ve read a lot about how if you choose to not pay off your debt, it gets sold to a collection agency and then that there’s apparently no way for them to force you to pay it off. But I mean I doubt there’s no way that, that doesn’t impact you negatively. If it didn’t, everybody would not pay back mortgages, medical bills, etc. but if everyone did that, banks wouldn’t give out loans and hospitals would run to the ground if they got no money back, no? I’m kinda confused, how does this work?
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Where you are mistaken is saying there is no way for a collection agency (or other creditor) to force you to pay your debts. If it is apparent that you have money or other assets they can generally sue you in court for the money, and if you don’t pay they can seize assets. For a mortgage they would evict you from your house and take it, for a car loan they repossess the vehicle.
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