Just ask Brenda, a client of mine, who consolidated her credit card, car, vacation and mortgage, only to find herself deeper in debt.
After making these arrangements, she took out another loan because she felt a renewed ability to pay.
In other words, the consolidated loan gave her a false sense of comfort. And now, as a result of a recent job loss, she is unable to make her loan payments.
This combination of increased debt and reduced income can lead to serious consequences. While most of the time individuals play this dangerous game to their own detriment, there is also a rising number of Bahamians who have planned carefully free credit scores Eureka and taken the necessary precautions, and yet still find themselves vulnerable as a result of circumstances beyond their control. creditcheck Brenda lost her job because an illness forced free credit scores Eureka her to retire a situation that was entirely beyond her control. And to free credit scores Eureka add insult to injury, she leveraged her anticipated future earnings against the debts, which as it turned out, didnt exist. This is the reality of a growing number of Bahamians, and that is why you must consider a different approach to debt management. all 3 credit report I feel it is the only answer to provide relief from the devastating impact that debt can have.
Debt is not always bad its really our understanding and use of it thats destructive.
John, for example, recently got a new job and bought a new car to impress his friends. In fact, its the epitome of debt, as the car loses it value the minute John drove it off the dealers lot.
And it will continue to do so free credit scores Eureka until its value has completely diminished. Unfortunately for John, car payments will continue free credit scores Eureka to take a substantial chunk out of his monthly pay and he will most likely be repaying the loan for up to 60 months, saddling him with five years of unproductive income in a time when job security and uncertainty is so prevalent. credit
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