Financial challenges can hurt you in unexpected ways | The Colpitts Law Firm
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Bankruptcy May Be Your Option

Financial challenges can hurt you in unexpected ways

If you are like most people, you probably associate financial challenges and delinquent debt repayment with foreclosure, repossession and harassing telephone calls from debt collection agencies. While this might be partially true, it does not tell the complete story about the impact bad debt can have on you.

What you might not realize, is that the inability to keep up with your financial obligations can affect more than just your ability to obtain a car loan or other financing. Lenders use your credit score to determine if they will lend you money, the interest rate they will charge you and the other terms of the financing arrangement that will be offered to you. Loan terms will be more favorable if your credit score is higher rather than lower.

It has now been revealed that more than just your ability to obtain a loan might be at stake if you have large amounts of medical debt, credit card debt and other financial obligations that can bring down your credit scores. Insurance companies may be using your credit scores to calculate how much you will be paying on for your car insurance.

A favorable credit score could result in a lower insurance premium than your company would offer to someone with a credit score affected by lots of debt and delinquent payments. So, your financial challenges could be costing you money each year.

Rebuilding a credit score damaged by unemployment or a sudden serious injury or illness may offer you unexpected benefits. A Tulsa, Oklahoma, attorney who is knowledgeable and skilled in bankruptcy law might be able to help you to eliminate debt and achieve a fresh start.

Source: KFOR, “Consumers vent over credit scores leading to higher insurance prices,” Sheldra Brigham, Nov 25, 2015

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