Having a high credit score will surely prove to be a big advantage when it comes to applying for a credit card or even when applying for a loan to buy a home, auto or other asset. However, under certain circumstances credit card issuers will ask that you pay high interest rates, especially when you have begun to default on paying them back on time. If you continuously fail to meet your payment obligations you will end up being burdened with debt that will then be very hard to repay.