Pre debt counselling can mitigate mortgages bad credit
No one is immune to mortgages bad credit, well for the most part and if you’re not super organised when it comes to your finances that is. With most people being susceptible to falling into bad mortgage debt and acquiring bad credit as a result, mortgage institutions should be mandated to include pre debt counselling as a requisite to getting a mortgage loan approved. Almost as an educational measure that also happens to prevent a potential bad credit incident.
Mortgage loan institutions are under no obligation whatsoever to provide any kind of education with regards to debt prevention as long as they educate the consumer on the product they choose to sign up for. Be that as it may, a financial institution stands to lose just as much as a consumer who defaults on their mortgage repayments. And since the financial institution has more authority on matters of finance, they are in the best position to educate the consumer on the steps and measures they can take in order to prevent defaulting on their mortgage loans which could ultimately end in bad credit. Further, the consumer places much weight on what their financial institution has to say about money matters; which places the chances of the consumer adhering to the pre debt counselling much more likely.
Needless to say that pre debt counselling is not a guaranteed or full proof way to prevent mortgages bad credit. However, it certainly is a step in the right direction towards helping consumers dig themselves out of financial holes, or better yet help them stay out of those holes to begin with.