If you don't get out of loan, then you will be stuck in a debt trap. That is taking a debt to repay another debt. There fore it's very important that you go in for debt settlement. If you don't then you can land up in bankruptcy. All your collateral and the security can be taken away from you. The things that you have worked hard for can be just taken away from you. Since the credit and the lending agencies have the power do to do. To prevent yourself from landing in such a situation, you should settle your debts as soon as possible
This cycle will continue and soon you will be forced to sell your household things or take your baby's milk money just to repay the debt, thus debt settlement becomes very necessary. Added to this is the social insult and loss of face that you may encounter within your friends and family circle. Lenders have strongmen and have the tact to recover money. Therefore you may find them knocking at your door
Repay debts or you may find that you have no financial investments on which you can bank upon. Future financial investments are required to help you in the years when you may not have a steady stream of income or when you have retired. At that point of time you will make sure that debt settlement is done so that investments and the income from these investments are required to make sure that all your bills are paid. Credit reports become positive once there is debt settlement. Therefore if need be, you can also take more debts in the future. You become a good customer to whom the lending institutions are ready to give loans at less than market interest rates too, and that's great.