As we mentioned earlier this week on our San Diego bankruptcy law blog, many consumers have probably kept close track of their budgets in order to cope with the difficult financial times. However, consumers may forget that they should also keep an eye on their credit report in order to make sure that they do not significantly damage their credit score in the event that they need to take out an emergency loan for an unexpected home repair or medical expense.
A low credit score can make it quite challenging for consumers to borrow loans or take out new credit cards. And when some individuals do not have an option to borrow money for an unexpected expense or while looking for a new job, they may suddenly be in a position where they cannot pay other debts on time such as a mortgage payment, car payment or credit card payment. Failing to make these payments on time will only result in further damage to one’s credit report and personal financial situation. Read More