Credit problem has become a very common feature in our daily lives and we strive best to come out of such a problem.
Most of these credit problems arise because of the fact that we cannot keep track of our spending and end up with debt. Default credit card debts, default auto loans and missed mortgage payments are some of the cases which push us into credit problems. When you default any debt for a continuous period of six months, the creditors consider it as a bad debt and report it to the credit bureaus. The credit bureaus list the outstanding debt in the credit report of the borrower. Outstanding debts get listed as negatives in the report and lower your credit score.
Having said that, and affirmed once again beyond shadow of doubt it is always the mistake of the one taking the loan,... or is it?
Why is it that never does any line in the bank documents mention that if you are in debt because of a death of a family member, or the operation of a child or any loved one or because a real drop in the financial market, that the bank would refinance or explore ways to get you back on your feet.
How is it that an institute designed for humans acts like a machine when it comes to defaulters whom life is testing with hardships!! ( LOAN DEFAULT CANNOT PROCESS DOCUMENTS...MUST KILL DEFAULTER )
Isn't it time that we rethink the whole banking process and add some human values, not just to entice people to take their facilities, but rather help people get back on their feet. If we are ready to give life insurance when there is no guarantee of the next minute, why can't we help a life get back on its feet?, why isn't that an investment?
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