Credit card debt is a serious matter when it comes to you and your credit. No matter where you turn, credit is everywhere, and society these days are counting more and more on a person’s credit history. There are many questions that surround credit card debt, and we at cyberconnexxion are trying to give you concrete answers through our extensive research.
I’m doing a report on Credit Card Debt and there isn’t much about the direct effects of being in credit card debt. I know bankruptcy is an effect but what else can happen?
As we mention throughout our entire website that credit affect everybody. Well, let’s just say- from the moment that you start to pay bills and do some serious financial transactions – the banks/ financial institutions are more than likely to look at your credit history.
Unfortunately, people are getting more and more into trouble with their credit for many reasons – from not paying a bill on time and missing a payment on their credit card (if they own one). The bottom line is that if anybody shows a slow record of missing payments, or anything related to their credit, it will show up in one’s credit report, and will stay there as a red marker. This is where folks are falling into, and this has many adverse effects to their credit. Here’s a list where this could seriously hurt or harm you should you fall into this:
- Denial for a credit card application
- The credit bureau checks out your credit score and either approves or denies a credit card to you.
- Accepting credit but with a heavier price to pay
- When it comes to loans – especially thye larger ones, such as a mortgage – you may be accepted but the interest rate will likely be much higher because of the higher risk you are in the eyes of the banks/lenders.
- Bad Credit Sticks with you for years.
- When folks have bad credit, it sits in the credit bureau for 7 years. Even if one fixes their credit, these stains will stay there until the years are up. In the extreme case of bankruptcy, this could stay up to 20 years – so folks should try to avoid this all together.
Well this is only a small portion of what bad credit can do to folks, but check out these past posts that we have written in the past, so you can get a solid idea of the direction towards bad credit.
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Just killing some in between class time on Digg and I found your article . Not normally what I prefer to read about, but it was absolutely worth my time. Thanks.
this is awesome man
Credit cards cause more trouble than they are worth if they are not used sensibly. I have seen them cause huge pain and distress. Credit Card companies have a lot to answer for in their advertising and the ease with which people can get credit.
Great job with this write up. Expect you’d post more often though. Many of people can benefit from it.
I agree with your post. Which is not something I usually do! I enjoy reading a post that will make one rattle their head. Also, thanks for allowing me to comment!