My Credit Scores Need Anger Management Class!!
Have you ever done something just to spite someone? Sure, we all have. Somehow it makes people feel a little better to act like a jerk or dis somebody. Well I'm here to tell you that getting mad at creditors and not paying your bills out of spite will hurt nobody but yourself!
There's a good chance that the mega bank with 40,000 employees won't feel that spiteful sting when you decide to hurt them by not paying your bill(s). However, your credit can take a beating, now and for years to come.
First the situation hurts your ego. So you open that can of spite and decide to not pay on an account. Next it hurts your credit scores as payments are continually missed. Sometime later it hurts your pocket as lower credit scores cause you to get less desirable loans on other accounts. And if really played out, we are talking wage garnishment. It is official: Your spite just ruined your entire life's finances.
Seem silly? Maybe. Have people done this. ABSOLUTELY!! On anything from a $10 copay to a car repossession to even a house payment.
So next time take a deep breath, forget about the idiot worker that called you with the attitude, and pay your bills. Big or small. In the end it will not only feel right, it IS right.
Credit Links
Credit Scoring - What Makes Up My Credit Score? (1 of 6)
Credit Scoring - Payment History (2 of 6)
Credit Scoring - Balances (3 of 6)
Credit Scoring - History (4 of 6)
Credit Scoring - Mix of Accounts (5 of 6)
Credit Scoring - Inquiries (6 of 6)
Steve Kappre is a mortgage loan officer in New Jersey. For more info or questions feel free to contact Steve.
- NJ First Time Home Buyer
- Purchase, refinance, rehab loans
- Conventional, FHA, USDA, VA, HMFA, First Time Home Buyer, Police and Fire, Live Where You Work, and more
Call direct @ 856-419-3561 | Subscribe to Steve's blog via e-mail
Treasury Mortgage - 550 Bridgeton Pike, Mantua, NJ 08051 - 1810 Springdale Road, Cherry Hill, NJ 08003
Licensed by the NJ Department of Banking and Insurance
Why anyone would think a bank would care is just being plain silly!
Good advice Steve! There are times to fight the fight, but with a bank or other creditors pay first, argue later!
Laura is right on that.....pay first, fight later.....
The only thing I disagree with is that it hurts your finances for life. The banks are already trying to lend to those with blemished credit. They need clients, remember how we got here?
Bill - Spite is a bad thing!
Laura - 9 times out of ten you are right!
Barbara - :)
HRG - I agree. The credit won't be affected FOREVER, but it can be many years, especially if it is not worked on and if no new debt is added that is good debt.
Excellent advise..Steve
Good stuff Steve. Some people do just get mad and say 'forget it'. They are not thinking of how it effects them.
Ah yes - current day Anger Management Needs !
it's prevalent in many areas with this economy, but acts that can hurt your credit are not ones to fool around with.
Good reminders bud.