Do you know you can never escape from your liabilities?
My friend just resigned from her work due to some issues with her immediate superior. Now, her separation with the company was very smooth, except for one thing. She has big amount of balance dues in her credit card. And if she resigns from her work, she might not able to pay it.
She was all aware of this but still decided to just leave the company as well as her credit card obligations. She thought her separation with the company will set her free from her credit card debt. She was wrong; she was unaware of the so-called Credit Bureaus.
When it comes to credit cards, you are bound to your responsibility to pay your monthly installment dues, just like loans. If you don’t pay for it, your name will be included in the database of bad credit. This will also affect your future loans and credit card applications. Having a bad credit will affect your credit rating.
Credit Bureaus are responsible for tracing everyone’s credit records. They have access to several banks, lending establishments, as well as government agencies. They can determine if you have previous cases of bankruptcy or if you have bad records with other credit cards or bank loans.
Now, one important thing to bear in your mind is: Pay your debts. Be honest. Not just because there are credit bureaus, but because there is karma. Do well, receive good things - It’ as simple as that.
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