Repossession can have significant and often hidden costs that extend beyond the immediate loss of your asset.

When a vehicle or property is repossessed, it can lead to a dramatic drop in your credit score, typically ranging from 100 to 300 points.

This decline can linger for up to seven years on your credit report, severely impacting your ability to secure loans, credit cards, or even housing.

🏡 Moreover, repossession can trigger higher interest rates on future loans, as lenders view you as a higher risk.

The emotional toll should not be underestimated either; the stress of financial instability can affect both mental and physical health. - https://lendinghelpguide.com/blog/repossession-impact-credit/?unique_id_wguv9e8c

The Hidden Toll of Repossession: Navigating the Credit Impact