10 fatal consequences for not paying a creditOn June 4, 2019 by Leo Ramey
If you have encouraged yourself to have some type of financing, take into account the consequences you might face for not paying a loan.
10 fatal consequences for not paying a loan
Personal loans are an alternative to face the lack of liquidity, but it also implies assuming a certain degree of responsibilities that, if not fulfilled, will cause you serious problems. Do you want to know how which ones?
1. Bad credit history
Failure to pay any type of credit can affect your credit history, which is the only way in which the institutions have any reference to you, so that accessing a new loan will be very complicated. You yourself will be closing the doors.
2. Expensive financing
Closing the doors to traditional financial intermediaries will inevitably lead you to resort to informal financing, which will result in higher interest rates.
3. Persecuted by collection offices
During the day, at night, when you are alone or with family and friends, you will be ashamed to be harassed by the executives of the collection offices. Save these inconveniences and promptly comply with the payment of your loans.
4. Without new credits
Stop paying some credit will undoubtedly be a bad reference to access a new one, even if it is a credit card and with more reason a mortgage credit.
5. Bad reputation before family and friends
Surely in the loan application you were asked to give references from a family member or friend, now imagine that they may also be looking for them to make you pay the credit!
6. Restless life
Knowing that you owe a bank or another financial intermediary, that the collection offices are on you and that you have the debts up to your neck will surely not help you to live in peace, but that you will have on top of those terrible worries about not fulfilling what You compromised.
7. Health risk
If you add a poor quality of life to the previous point due to poor nutrition or stress, debts can become a factor that puts your health at risk.
It is very likely that your debt level and thinking about how you can solve it will take you to sleep.
9. Frustrated plans
Obviously all the plans you had to go on a trip, buy a car, hitch your new apartment, will have to wait because either you pay debts or fulfill your purposes and instead of the credit being your ally, it will become a Heavy load that won’t let you go.
10. Start from scratch
In the worst case and in the face of debt pressure, you will have to start from scratch. Sell your car, mortgage your home, stop your projects and start over, hoping you have better financial planning this time.