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Understanding these consequences emphasizes the necessity for debtors to deal with delinquency proactively. Early intervention can usually forestall severe financial repercussions and help restore creditworthiness over t
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As a result, a borrower's credit score score can endure dramatically, impacting their ability to secure future loans or credit score. A low credit score can mean greater interest rates or denial of loans altogether. Moreover, extended delinquency can result in repossession of secured assets or legal action taken by lend
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