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Unsecured Credit – You Still May Lose More Than You Gain


4 Comments

Although there are obvious pitfalls to taking out a mortgage or a new car loan which are not a problem with unsecured credit, there is no doubt that unsecured borrowing can still be a very risky endeavor. Just because the lender cannot repossess your possessions to make good on the loan, this does not mean that you cannot be put in a very risky situation financially. The first thing that will happen when you miss a payment on a loan or credit card is that you will go into the company’s “collections” file and they will pursue you for payment.

As well as entering the collections department, you will find that your credit record will contain the information of your missed payment. There are certain kinds of borrowing that are available to people with perfect credit ratings, including loans that have extremely low interest rates. A black mark on your credit rating will be enough to disbar you from ever qualifying for such lending, and will mean that any credit you do get will be very much on the lender’s terms.

Borrowing money can be the solution to a problem in a number of situations, but it is important to realize that without the continued means to pay the money back you will be placed in a very troublesome situation. Sometimes the best way to deal with the pitfalls of unsecured lending is just not to borrow at all. It may make for a difficult situation, but it will be one without unpleasant letters and phone calls.

Filed Under: Debt & Credit Tips

Comments

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    September 14, 2022 at 5:50 AM

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  2. myhome says

    February 13, 2023 at 8:26 PM

    I agree with your point of view, your article has given me a lot of help and benefited me a lot. Thanks. Hope you continue to write such excellent articles.

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  3. gate io says

    February 14, 2023 at 6:17 PM

    I read your article carefully, it helped me a lot, I hope to see more related articles in the future. thanks for sharing.

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    February 24, 2023 at 8:01 AM

    Reading your article helped me a lot and I agree with you. But I still have some doubts, can you clarify for me? I’ll keep an eye out for your answers.

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