I can make the payment if I split it between two credit cards that I have, but that would effectively max me out and could
potentially ruin my credit.
They know that co-signing a credit card or loan can
potentially ruin their credit history.
Not exact matches
Additionally, identity theft can destroy your
credit score and your reputation,
potentially ruining your chances of obtaining housing, insurance, jobs, loans, and other opportunities.
Why settle a debt and have it
ruin your
credit for the next seven years when
potentially you can dispute it and get it off entirely!
Some things I have considered are: - Not paying the private loans, but my
credit will be
ruined - Moving to New Zealand and be able to live comfortably with
potentially new
credit (do I risk not being able to come back to the USA?)
In many cases, a poor
credit score can
ruin your access to capital and
potentially halt the growth of your business.
And (
potentially) worse than the threat of pet repo, the leases are
ruining credit and wreaking financial havoc for would - be dog owners who fall for the scam.
With this much leverage, your Debt Coverage Ratios can
potentially get very thin, and multiplying this across an entire portfolio of properties financed in such a fashion, the risk is very high that a confluence of issues with the economy / rents, large capital repairs, high vacancies, etc., can bring down the house of cards and
ruin your
credit for a long time.