6. You can go bankrupt
As you probably know, bankruptcy is a legal process through which people who cannot repay their debts to creditors may seek relief from some or all of their debts. In most jurisdictions, this legal process is imposed by a court order, often initiated by the debtor.
So, note that if you go on expensive series of purchases without having a plan to pay them off, or if your plan goes wrong because you lose your job or get hit with unforeseen medical bills, you may find yourself hopelessly in debt. Going bankrupt will leave a scar on your credit history for up to 10 years and when the report finally goes away, you’ll have to build good credit all over again.
