When we decide to apply for a loan or loan to Licensed Money Lender, you need to check licensed money lenders Singapore review first, it should have been carefully considered, including the payment of the debt in the future. This will certainly involve our overall finances because debt will be a temporary expense item in our financial budget. However, what happens if it turns out in the middle of the road we can not afford to pay and repay the debt?
There are many factors that cause a person to default in debt repayment, most of which are even unexpected or pre-determined plans before applying for the debt. This can happen as a result of a job interruption and also an impact on income, where the person will certainly experience a default against a number of bills owned. When we can not pay the debt, then often we will become stressed, angry, tired and even lost morale. Certainly, some of these conditions will make us unable to find a solution to the problem we are facing.
Overall, a not paying your credit can lead to a number of serious financial problems, including:
– There are a number of fine fees imposed by the bank.
– The emergence of an interest due to delays.
– Our credit score becomes bad because of the record of debt arrears on Debtor Information System.
– There is a recurring billing from the bank, where it will disrupt all our activities, and this will also add to the cost of the bill.
– Debt increasingly mounting due to the addition of a number of fees above.
All the above points will be very time consuming and also our attention. We can no longer concentrate on doing routine work, and even emotions become unstable due to feelings of anxiety and discomfort. Do not underestimate the problem of unpaid debt, It will disrupt our life as a whole.