The Bad Credit Domino Effect
Written by the Editor on May 1st, 2007 in Credit, Finance, General.
Bad credit is much like dominoes. Consider the contests to see who can build the most intricate maze or picture, using upright dominos. After hours of intense concentration and hard work, the lead domino is tapped to fall into the adjacent game piece. If the individual displayed the creation correctly, the dominos should fall in one continuous string, until all the little blocks are flattened and the basic design can still be detected.
So, how are the two similar? The first domino is like the first incident of bad credit. Unless an individual can keep the troubling economic situation from getting worse, one problem will lead to another, then another, and before one really knows what is happening, loans are impossible to obtain, forget buying on credit, writing checks may even be taboo for many purchases, lenders are threatening to foreclose, and the car is liable to be towed out of the driveway. Ouch!
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