We have been very careful with paying our debts on time, as I know that once you start to have late payment, then there is late fees, financial charges and all kind of stuff would come to you. Then it will make your credit poor so that you will not be able to get a loan with a good interest rate or be able to open a credit card with no interest for the first 6 months or 12 months. My brother in law has had some financial difficulties 5 years ago, as he has to raise two kids himself with very little money. So he declared bankrupt and lost all his credit, now he wants to have a new family and to buy a new home, he could not be able to get a home loan. So I wish he would have known the Debt Management, so he did not need to declare bankrupt. Luckily he is making more money now and he is paying all the debts on time, so hopefully in a short period of time he could build up his credit again to be able to get a home loan. So the debt management is very important, everyone should know how to deal with your own financial situation.
Posted on February 26th, 2008 | filed under Uncategorized | Trackback |
You must be logged in to post a comment.