Credit Contract Law
Whether you promised to pay your doctor as agreed or made a purchase with a credit card, you agreed to a credit contract, according to both "U.S. News & World Report" and credit reporting agency Experian.
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Types
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Credit contracts can include auto loans, mortgage loans, private and government-issued student loans and daycare agreements, according to the book "How to File for Chapter 7 Bankruptcy."
Credit Reporting
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If you pay your credit contracts on time, the lender will often report this positive payment history to credit reporting agencies, according to Experian. Failure to pay the bills, though, can lead to seven years of negative credit reporting. This can affect your ability to get some types of jobs and apartments.
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Considerations
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If you are sued for late or unpaid credit contracts, your wages can be garnished, according to "How to File for Chapter 7 Bankruptcy." Even if you decide to file for bankruptcy, not all types of contracts are covered in those proceedings; only under rare and extenuating circumstances can you get out of paying government-issued student loans.
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