Having made some bad financial choices in the past, i am left with a big credit card debt. The credit card company charges a high interest rate and it seems like it is going to be a very long time, before i can fully pay off my credit card debt. I know it can be tempting to use credit card for daily purchases and sometimes the big extravagance impulsed purchases, but as a human it can be hard to not use the credit card limit money when it is available.
There were times when i missed a few minimum payments as mentioned in the credit card bills and i believe my credit report must not be looking good now. Although it didn't go to the credit collection agency yet, i am afraid not to make the minimum required payment as required by the credit card billing. I know some guy who have had really bad credit history record and when it was time for him to apply for a mortgage to buy a house for himself, the banks mostly rejected him right away after checking his credit history. From what i know, it is going to take him at least three years to build back his damaged low credit score to a decent enough credit score to buy a house with mortgage. The same goes for him when he will be applying for a car loan, he is definitely gonna have a tough time getting the car loan, unless he as a high down payment. Even then, the car company will struggle to give him the car loan if it can be approved at all.