2 replies to this topic

[creditguard]

Some bad side effect of debt are,

You have difficulty to getting approved for an apartment

You can not get a cell phone contract

Might get denied for employment

Higher insurance premiums

You face lot of difficulty to start a new business

Difficulty to purchasing new car

[medona12]

Helo,

Here are few Debt Side Effects are in the following:

Bankruptcy
Eviction
Wage Garnishment
Foreclosure
Emotional Troubles
Suicidal Tendencies

Thanks,

Machinery Tracking

[Yardley]

If a judgment is obtained in the county where you own real property, the judgment itself will create a lien against your property. A lien against your property will likely prevent you from ever selling the property or refinancing, at least until the lien is satisfied.

A judgment alone will most likely have a negative impact on your credit. Also, if you allow the judgment to be taken against you, the amount will likely be significantly more than your original debt and could include attorney fees and costs.

Ideally, you would hire an attorney to assist you. If you are unable to hire an attorney due to finances or other reasons, you should at least attempt to resolve the dispute yourself before a judgment is taken against you. Most creditors would prefer to receive periodic payments as opposed to a judgment that they may never be able to collect.

You may be able to benefit from the protections of the Oregon Fair Debt Collection Practices Act and the Federal Far Debt Collection Practices Act. If applicable, the debt collector is required to provide certain notifications to you, and verification of the debt if properly requested.