What are some future consequences of borrowing too much debt

What are some future consequences of borrowing too much...

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o What are some future consequences of borrowing too much debt? Borrowing too much debt now can render negative consequences in the future. Not being able to pay off the borrowed money in time can really hurt your credit score, therefore, hurting your chances of ever owning your own home, getting a loan for a new car, or anything else that you might want to borrow money for. Also, by borrowing too much debt, you could have difficulty making payments on time, in turn raising your interest rates. You could end up paying on these borrowed debts for many years, never saving enough money for retirement. o How do you plan on repaying your student loans? I plan on repaying my student loans once I find a job in my elected field. I received money for school through a Stafford loan and was told that I do not have to start paying on the loan until I get my degree and am out of school. Then, and only then, I will start making monthly payments at a
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Unformatted text preview: reasonable rate until the loan is paid off. I also qualified for a significant amount of Pell Grant money, as well, which helps. There is still a lot of student loan money to pay off, however, and with the right planning, I think that it can be achieved. o What is one positive thing you can do to keep your student loans under control? One positive thing that I could do to keep my student loans under control is to pay them on time. By not paying on the student loans until I am in my elected job market, I am able to focus on current debts and get them paid off. When the time comes to pay off my student loans, it will then become easier to include the loan payments into my monthly payments. Hopefully, by doing this, I will less likely become overwhelmed and can more easily pay them on time, keeping high interest rates at bay....
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