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Bad debts in business
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[QUOTE="Abigael, post: 216765, member: 25357"] Bad debt is truly not good a business or individual at all. It shows that you took a loan without a proper plan to pay it back. This can put in a bad situation as it gives you a negative credit history. Which will hinder your future advances of applying for loans. It can also put you in trouble with the law. Especially if you signed a contract with the loan lender. They will take you to court and you may suffer serious consequences of not paying back what you owe them. It can also hinder you from getting government opportunities like jobs and grants. This is because they mostly look at your credit history these days before you qualify for those opportunities. Being in bad debt may even cause you to loose your trusted customers. This is because they don't trust your business anymore and don't see a future in it. Moreover, being in bad debt can make you loose friends and cause problems with family. [/QUOTE]
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