What are the implications of not paying debt (e.g. late fees, damaged credit score)?

In India, not paying debt on time can lead to various implications, such as late payment fees, penalty charges, and additional interest charges. These charges can add up and make it even more difficult to pay off the debt. If the borrower continues to miss payments, the creditor may report the missed payments to credit bureaus, which can damage the borrower's credit score. A damaged credit score can make it harder to obtain loans or credit in the future, as lenders may view the borrower as a higher credit risk. In some cases, the creditor may also take legal action against the borrower, which could result in the seizure of assets or wage garnishment. Therefore, it's important to prioritize paying off debt and making payments on time to avoid these negative consequences.