2007-09-08 01:36:28 · 4 answers · asked by Fliktoria 2 in Business & Finance ➔ Personal Finance
Creditors will hound you by phone and mail trying to collect. Some will take you to court, win a judgment, attach your bank account, garnish your wages, and attach your property. Any loan with collateral, will be repo'd (car, home).
All of this will ruin your credit and your score will drop. Your car insurance cost will increase and there will be jobs you won't get due to your poor credit history.
The good news is that there's no debtor's prison.
2007-09-08 04:47:30 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
Your guilt will make you impotent. The stress will ruin your Fung Shei. Criminals will stay away from your identity. You will always be known as the kid that couldn't balance a check book because he was too busy goofying off in school and in life.
2007-09-08 01:46:10 · answer #2 · answered by Anonymous · 0⤊ 2⤋
They can sue you and get a judgment against you.
2007-09-08 01:47:35 · answer #3 · answered by suzie 7 · 0⤊ 0⤋
You should have bought only what you can afford.
2007-09-08 01:50:20 · answer #4 · answered by carl l 4 · 0⤊ 0⤋