You may not know it, but your credit is inescapable and it will follow you for up to 5 or 10 years. This means that your quick decision to not pay a bill on time will have long lasting ramifications. If you ever want to buy a home or qualify for financing for a new vehicle, it is essential that you make your credit a priority now. This is done most effectively by understanding why you should work to pay all unpaid bills now. Negative items on your credit report just doesn’t go away, it will stay there for a very long time. Most creditors in this economy send your unpaid account to collection agency or collection attorney to boost their cash flow. If you don’t pay your bill today, you might end up paying few times over later when they add stiff late fee, collection fee, attorney fee, court fee to your original balance. Check your credit report today, pay your unpaid bill and be on your way to a better tomorrow.
1 Your Credit Rating Follows You
Your credit rating is something that is impacted by late payments or unpaid bills. Many blemishes to your credit can last as long as ten years and if you do not have them removed by paying them, it is possible for them to last longer. The time is now to begin repairing your credit by paying unpaid bills and reestablishing your credit history.
2 Job Search Ramifications
Even the simple task of looking for a job can be adversely impacted by poor credit. The job market is jammed pack with applicants and many employers are using credit ratings as a way to evaluate prospective employees. Poor credit might lead to a failed job interview.
3 Where Will You Live?
Most landlords even require a credit check before you can get an apartment. This means that not only can bad credit keep you from qualifying for financing to buy a home, but you might also require a cosigner to even obtain an apartment.
4 Bank Account
By paying your unpaid bill, you can avoid the embarrassing situation of being turned down for a bank account. If any of your unpaid bills are associated with a past bank account, you might not qualify for a traditional checking account. Not having a checking account will result in many hassles.
5 Credit Score
Paying your unpaid bills will help you improve your credit score in the shortest time frame possible and help you begin to rebuild. By checking your credit report you will know what unpaid bills require the most attention.
6 Stress Free
Debt collectors can be pretty aggressive and really bring a damper to each day. By paying unpaid bills you can become free from creditors and remove many stresses in your life.
If you have any questions or dispute about the bill,call the original creditor or collection agency /collection attorney to resolve the problem. Try to work something out with them. If you ask them nicely ,most of the time they will work with you. If you don’t have the money now , ask them nicely to give you a small installment plan that you can afford each month.
REMEMBER: You are in control of your bill. Think before you buy something. If you can’t afford it,don’t buy it. Your credit card balance is not your money,you are borrowing that money from the credit card company.You have to pay that money back sooner or later.