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No, credit card companies don't typically re-posses items when payments are not made on a credit card. What happens instead is that the credit card will be in default - which means you have not made payments and the balance is over due. The card will charge off and then you're sent into collections. Then the bill collectors will call you to work out a payment arrangement. If you still do not pay off the debt then it's reported to all three major credit beaurus. Worse things can happen too like freezing your bank accounts if you have any and making it difficult for you to get other types of credit.
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