I understand that the IRS makes sure you play taxes, but what about loans? Like can’t I just get a movie from a redbox and never return it since i’d only have to pay when I returned it?
In: Economics
In addition to others’ comments about potential loss of collateral, failure to pay debts can damage your credit record, making it more difficult for you do make other purchases in the future, like buying a car, getting a lease for an apartment, or obtaining credit generally.
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