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Poor money management (Repossession (Definition: It is retaking possession…
Poor money management
Repossession
Definition: It is retaking possession of something, in particular when a buyer defaults on payments.
Why is this a problem: The person could lose some of their belongings from repossession so it is a pretty big issue.
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Unmanageable debt
Definition: Unmanageable debt generally means having more debt payments than you can keep up with an a monthly basis
Why is this a problem: This is a major issue as the debt that the person has will keep building up and can cause the persons stress leading to very poor money manangement
Social/Personal issues
Definition: A personal problem is one involving the person, whereas a social problem is one involving society
Why is this a problem: Could make the person start to get stressed, therefore they won't be able to focus on their money management
Bankruptcy
Definition: Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts.
Why is this a problem: The people won't be able to attend to their fees therefore, they'll get in deep trouble
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Inability to get credit
Define: Bad credit is a description of a person or a company's predicted inability to repay a debt on time and in full.
Why is this a problem: It is a problem as this will prove that the person is incapable of repaying their dept