You must have felt some ecstasy after getting your loan application through and obtaining the cash you had so desired. But now, months or years down the line, you seem not to be having any of those thrills any longer as you battle to maintain a good health. The loan that was meant to help you create or get something worthwhile has turned against you in a way. This could however be due to one reason: you are simply ignoring the loan. Maybe you just decide to while away the worries that emanate from not being able to settle the loan. But of a truth, resolving to making the loan ‘non-existent’ does not solve the issue; it worsens it, and here is why:
- Rising Interest Rate: This is one of the things that you fail to consider – ignorantly though. By ignoring your loans, you open yourself up to accruing more debts due to the fact that the interest rate will continually rise, and will automatically add up to what is already on ground.
- Poor Credit score: As you keep defaulting on the loan term, your credit score gets negatively affected; making it more difficult for you to obtain another loan later.
- Impending lawsuits: With your debt collection agency not making any headway in getting to repay the loan amicably; it may resolve to charging you to court where you will probably not escape the hammer of the judge.
- Stress build up: No matter how well you ignore your loans, there will yet come that moment where all the memories [with the inherent troubles from unsettled loans] come flashing in your mind. This could lead to the building up of stress and even depression if care is not taken.
The Way Out is to stop ignoring the loan
To break free from this ‘burden of debts’ imposed from ignoring your loans, you just have to stop from attempting to ‘sweep things under carpet’ – face it once and for all.
That decision to address the issue in a manly manner should make you see a money advisor who will counsel you on what to do, and how you can work out a resettlement strategy. Your money advisor should be kind enough to render his/her service free of charge. You can find out more at http://lounais-juoma.fi