Your credit score governs your purchasing power.  The higher the credit score, the bigger/the better the item you can buy—a house, a car, a student loan.  The lower your credit score, the less likely you are to qualify to borrow money for a bicycle. You build credit by buying things and paying for them over time, allowing the lender to collect interest on the loan.  Both the buying and the paying are two key components of credit.  If you buy but do not pay, then the lender makes no money, but instead loses money.  On the other hand, if you pay off the loan too quickly, the lender will not make money off the loan interest. If you fail to pay your mortgage loan and your house goes into foreclosure, you stand to take a large hit on your credit score.  Foreclosure effects not only where you live, but where else you might want to live, and the next car you buy, and the student loan you might want or other big ticket item.  More than your house is at stake with foreclosure.  Your credit is your lifeline to your financial recovery. Foreclosure defense is not a denial of debt [...] Read More