How Bad Can it Really Be For Credit? #9 - Repo Men
It's not just a movie that has recently come out or a television show you can watch. Repossession is a real thing and a real problem for a lot of people. We take out loans and financing so we can get nice things we do not have the money to get right then and there.
If you are unaware of the perils you can have with a charge card, it may be smart of you to not get one. Your card can have a lot of benefits. You can use it to buy things you may not be able to afford right now but really want, and pay it off with monthly payments.
If you are falling behind in your mortgage payments there is a good chance your lender will be contacting you to work something out. When you take out a loan and are unable to make the monthly payments the lender does not want you to have to file for foreclosure. Their hope is that you pay them the money back and they make a large profit.