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Consequences of Poor Financial Management 

There are three types of consequences that poor financial management can lead to. These are:

 

Social Consequences

  • Unable to afford social events with friends

  • Nervous breakdown/depression due to financial hardship

  • Divorce

 

Financial Consequences

  • Poor credit rating

  • Unable to secure bank loans

  • Inability to pay off debts

 

Legal Implications

  • Bankruptcy

  • Legal action by debtors for debt recovery

  • Repossession of assets (car etc).

 

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