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Bad Credit ... The Consequences Can Be Long-Term And Costly. Most borrowers pay little attention to the "fine print" on a credit application. Most shrug their shoulders, promise themselves they'll never get in trouble with their credit card, and sign away. Unbeknownst to them they are committed to a legal contract that is heavily weighed in the creditors favor. Yet again the "I want it now" mind-set has overcome better judgment. That legalese at the bottom of every credit application, that few seldom read, clearly outlines what will happen if you break your promise to pay on time. What is the real cost of bad credit? There is the obvious increase in borrowing costs, not to mention the hassles of opening up new credit lines. The extra interest you pay is only scratching the surface of the problems created. What about the added stress to your family, missed opportunities that having good credit would have allowed you to capitalize on, and the fact that now you are "marked" as a bad credit risk with your financial history open for all potential lenders to see? Even if your problem is short-term your creditors do nothing to help you. They simply enforce the credit agreement and hit you with some fat fees. These fees do nothing for you, but help the creditor in a couple of ways: • They cause you to focus on their bill instead of another creditor's bill. • The creditor makes more money off you because of the late fees you agreed to pay when you signed the agreement. If you think the fees are bad on credit cards they are even worse on secured loans, such as mortgages. If you fall behind several months in your house payment you may be hit with huge fees that have to be paid in full to avoid or stop foreclosure. When is it time to get serious about these fees? As soon as you realize you may be obligated to pay late fees, legal fees, deficiency fees, and default rates to name a few. As soon as those show up it is time to pick up the phone and call the creditor and ask to have the fees waived. Start by explaining how you plan to get current and let them know you need their help, not their fees.
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