Commerce – Consequences of poor financial management – Flashcards
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Legal Action
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creditors sue creditors to recover money
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Bankruptcy
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person judged by court to be insolvent
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Impact on social, physical and mental wellbeing
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Stress, anxiety, depression and physical illness and additions
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strain on relationship
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arguments, domestic violence and family breakdowns
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Repossession
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if loan is secured, item may be forfeited
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impact on credit rating
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missing payments makes getting future loans more expenses and difficult
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expensive
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interest rate rises when you miss a repayment and you could be charged additional fees
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garnisheed
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lender can ask banks for garnisheeing rights
