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Navigating the High Costs of Ignored Credit Card Debt

Navigating the High Costs of Ignored Credit Card Debt

Ignoring credit card payments as a 19-year-old college student led to numerous financial hardships. The negative consequences of having a poor credit score were substantial: higher costs for utilities, security deposits, auto insurance, and credit. Security deposits for basic services often reached several hundred dollars due to low credit scores. Auto insurance costs were more than double compared to those with excellent credit. Additionally, debt collectors became a constant source of stress, eventually leading to wage garnishment threats. One significant burden was an 18% APR on a used car loan due to the inability to secure better financing options. The lesson learned was clear: addressing credit issues promptly can prevent escalated costs and stress, and tools like secured credit cards can help in gradually rebuilding credit.

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