Consequences of being reluctant to pay off debts.

[Axis]

There is absolutely no theory that disputes the idea for an individual to borrow money possibly for self financial facilitation or for business financial facilitation. But one thing that is common among individuals who borrow money is that they usually feel reluctant or unwilling to pay off the debt even if they might have the money presently two pair off such debt. Which always remember that we cannot promise ourselves to be financially equipped at all times, and if we borrow money today possibly from a friend or from a financial institution, time may come in which we would have to borrow from such friend of I'm such a financial institution again, and for us to stand a chance to being issued a loan from that friend of ours or from that financial institution, we need to have a good debt clearance record.

That simply means that we should be the kind of individual that endeavours to pay off his or her debt. Majority of loan issuing are done based on relationship, and for us to build a good relationship with such a friend who never hesitate to borrow us money when we need it, or with such financial institution who never hesitate to give us a loan when we apply for it, we must endeavour to pay off our debt early when time is due. The possible consequences of late or no debt clearance our:

* It reduces your chances of being issued a loan again.

* It contradicts you are debt clearance record as an entrepreneur or as an individual.

* No debt clearance can make you an enemy to the authority of the state or the country you reside in.

* Finally it can bring to you dehumanizing health effects such as stress, fatigue, and heart issues etc. as a result of pressure from your lenders to repay back the borrowed money.

 

[saoussen5765]

Sometimes there are extra causes for delay for pay debts is lack of cash because institution is selling by check and effects then sure there will be delay for having enough solvability to pay the debts so nothing is strange.

 

[Mataracy]

The consequence of been reluctant in paying debt is many.
(1) This will negate the agreement between the borrower and the lender.
(2) The goodwill of the loan borrower will be distroy if there is delayment in payment of loan.
(3) Being delayed in payment of loan may equally hinder the person to get the opportunity of getting another loan when needed.
(4) Delayed of loan payment may leads the company that borrowed somebody loan in to problem because it will affect there progress.