Have You Missed a Credit Payment Lately?
March 24, 2009
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I just read a short article on why it’s important to always make your credit payments (regardless of your age). The story takes place for someone living in the US, so the outcome may differ if you live elsewhere, but don’t let that fool you – missing a credit payment is serious business!
as soon as you missed a payment on your condo loan, you credit went south. Even though you are continuing to meet your other obligations, a delinquent mortgage payment results in a substantial hit on your credit score. Miss one or two more and you move into serious default territory. However, as you said, at 83, what do you need good credit for, anyway? Depending on your contracts with your credit-card companies, the rates you pay could be ratcheted up if your credit score falls
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Adam Goodman is the author of Following The Goods Financial Management for the Young and Ambitious. Throughout his life, Adam never took ownership of his financial knowledge and no one ever sat down with him to explain what it meant to plan for his financial future. Luckily, while at business school, Adam finally learned how to be smart about financial management and he is here to share what he has learned along his journey with you.
Adam's past experience includes owning and operating his own consulting firm, as well as working as a Consultant with Deloitte & Touche. Adam is currently in a sales and marketing role in the telecom industry.
