Side Effects Of Being Heavily In Debt

Saturday, November 9, 2019, 6:00 AM | Leave Comment

When you are in debt and your credit score gets to be too low, you have lots of problems and disadvantages that can surface when you want to get loan of any kind.

If you cannot get out of debt while you are still living and unable to pay your bills, it will result in bad-to-worse credit score and your bad credit history will haunt you for a long time to come.

You must start implementing some of the techniques spelled out in these pages as well as other websites and blogs.

There are rather bad effects, some extremely bad, when you are heavily in debt.

Bad Side Effects

Many more folks have experienced these side effects. I hope you are not one of them.

  • If you want to rent a place to live, you will have difficulty getting approved for an apartment.

  • These days folks can’t live without their mobile devices. You will have problems getting a cell phone contract.

  • Lately, even employers look at your credit history. If you are looking for a job, you might get denied for employment.

  • When you look for insurance of any kind, you might face higher insurance premiums.

  • Looking into buying a new business? If you have problems in your credit history, you might face lot of difficulty to start the business.

  • You will have difficulty to purchasing new car if your credit score is too low.

Extreme Side Effects

Let’s hope in the new year and beyond, nobody faces the following one or more side effects of extreme kind as defined by online dictionaries:

  • Eviction

    This is an action by a landlord that compels a tenant to leave the premises because of lack of funds for monthly rent.

  • Bankruptcy

    A legal proceeding involving a person or business that is unable to repay outstanding debts.

  • Wage Garnishment

    A court order directing that money or property of a third party, usually wages paid by an employer, be seized to satisfy a debt owed.

  • Foreclosure

    The process of taking possession of a mortgaged property as a result of someone’s failure to keep up mortgage payments.

  • Emotional Problems

    A common term for a range of psychological difficulties, often related to anxiety or depression, which may have various causes. The big cause being heavily in debt.

  • Suicidal Tendencies

    There are growing numbers of suicide cases world wide. A big reason is financial problems in which debt is the most overwhelming.

In a Nutshell
If you are in debt and some folks are heavily in debt, resolve to get out of debt in the new year. Don’t just wish. Do something about it; something concrete so you can once again stand up on your two feet financially without anyone’s help.

What other tips would you add to this list? Share your thoughts in the comments below!

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