Bad Credit
Ok so we know that here in the UK we love to spend money and that can often leaves us with credit card bills and exceeded overdraft limits! After a while, things can catch up on us and we therefore get “in debt”. Yes, the dreaded word; debt! With debt and a lack of repayments being made, we are then tarnished with having bad car credit. This is then recorded on our credit report, which is available to all financial institutes and subsequently we are given a lower ‘credit score’. Once these are official, it then affects certain things such as applying for car credit, loans, mortgages and even mobile phone contracts. It can be a real pain and very difficult to get any type of credit unless you are willing to pay extortionate amounts of interest / APR rates on borrowed monies. Luckily I have quite a good track record in terms of credit and so am not affected. However, I have seen many people suffer because of this and believe me, having bad credit isn’t a nice situation to be in. Eventually it could lead to a CCJ (county court judgement) being placed against your name and then things really do become more difficult.