Bohemia, NY (PRWEB) March 31, 2013
On March 31, 2013, Rapid Recovery Solution releases a statement following a Credit.com article by Jeanne Kelly explaining how bad credit can be costly, and how it can keep a consumer from enjoying their life by holding them down in a debt cycle.
According to the Credit.com article, there are 10 different ways in which bad credit can negatively affect a consumer:
- Bad credit can make it so a consumer can’t get access to money if they need it in an emergency. Sometimes emergencies happen, and having bad credit can make it extremely hard to be able to get the cash to cover those emergencies.
- When you don’t have good credit, lenders will see you as a high credit risk, and even if they lend you money, the interest rates will more than likely be sky-high.
- Higher down payments are another disadvantage of having a bad credit score. Lenders may require a higher down payment for someone seen as a high credit risk, and can impact a consumer trying to buy something like a house or a car.
- Many employers are now checking their employee’s credit reports. Some are even assuming bad credit will lead to employer theft, which can lead to the risk of losing a promotion, or even a job.
- Bad credit can go as far as to impact a new relationship. Credit scores are becoming a topic in new relationships as people become more aware of the importance of credit, and are trying to find someone financially stable.
- New relationships aren’t the only types impacted by bad credit. When banks turn away consumers, those consumers are more than likely going to turn to friends and family to borrow money. This is convenient, but can lead to the end of relationships.
- A consumer’s mobility can be impacted by bad credit. It becomes hard to pay for a rental car or buy a plane ticket on anything besides a credit card. Buying a car also becomes an issue, and being able to get a loan for high-priced car repairs also becomes a challenge.
- Disposable income becomes an issue when a consumer is busy trying to pay off their old debts, and are maxing out their credit cards in the process.
- Bad credit can ruin what someone enjoys in life. It makes it hard to manage money, and it can lead directly to an increase in stress.
- With bad credit weighing down on a consumer, it can eventually impact how they improve in life. Bad credit can make it hard to get a job, save money, or even prevent someone from going back to school.
John Monderine, CEO of accounts receivable collection experts, Rapid Recovery Solution, knows how important it is to maintain good credit. “People don’t fully realize the impact bad credit can have on their lives until it’s too late. Bad credit can make it hard for a person to do major things in life, and consumers should always remember to check their credit scores, and if they do find themselves in debt, work out a plan on how to pay it off.”
Founded in 2006, Rapid Recovery Solution, Inc. is headquartered at the highest point of beautiful Long Island. Rapid Recovery Collection Agency is committed to recovering your funds. We believe that every debtor has the ability to pay if motivated correctly. We DO NOT alienate the debtors; we attempt to align with them and offer a number of ways to resolve not only your debt but also all their debts.