Some folks get into financial troubles because of a sharp unexpected drop in their income – sudden job loss, demotions, business troubles, or even a crash in the stock markets could put people in financial troubles. More so, people could run into financial troubles because of a sudden increase in their expenses. The arrival of a new child, a medical emergency, and divorce among other things could put a strain on finances.
Sadly, financial troubles when not quickly addressed often have an adverse effect on a person’s credit score. Hence, many people find it hard to overcome their financial troubles because they are caught in the vicious cycle of financial troubles and a bad credit score.