The High Cost of Bad Credit
Dealing with a Bad Credit situation in your life? Need a way to not default on your loans and credit card debt and still structure a comfortable way out of that debt? Concerned about the ramifications of your Bad Credit?
Debt costs you in so many ways. It involves more than the extra interest you have to pay on a loan. Bad debt and credit can lead to reduced opportunities, family stress, job difficulties, and depression. Here are some of the unpleasant consequences of bad credit if you don’t take action to resolve your bad credit situation.
- High Fees: Lenders may add high fees to your credit loan transaction. delinquency fees, late fees, renewal fees, being over your limit and getting hit with fees are all negative consequences of having a bad credit issue in your life.
- Higher Interest Rates: Have you ever noticed? The lower your credit score, the higher the rate on most loans and credit card deals. Even having an issue of being delinquent with only one lender can spill over and affect the rates and terms you get from other lenders.
- Job and employment consequences: Most employers are looking at a job applicants credit history as a marker of how they handle their responsibilities. If they don’t think you handle your personal responsibilities well, they may construe that you won’t handle your job related responsibilities well. Credit checks are becoming part and parcel of promotional reviews and job hiring these days.
- High insurance premiums: Bad credit has been known to affect your insurance claims. Many insurance companies run a credit check when determining your premium. Bad credit may cost you more than you figured on your insurance-premiums. You might see undesirable increases in your insurance rates. You might find your insurance being denied!
Don’t let this bad credit situation continue any longer. If you have multiple loans out in the community and you can’t get your bank or lender to combine them, then find a lender who will. Get them to structure the terms and payments to work with your financial situation. Make your payments, build your credit and slowly cut your debt.
Need assistance consolidating your bad credit debt? Call Checkmate to research all the options!
Checkmate Check Cashing and Loans has been providing relief for difficult financial situations since 1991. We stand ready to help you reduce the stress from your high interest loans and credit issues. Each loan at Checkmate actually rebuilds your credit history with positive credit. Call us at 580-355-1201 in Lawton Fort Sill or 405-366-7277 in Norman, Oklahoma.
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