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You want to borrow some money. The bank will make the loan, because you have an excellent credit history and valuable property to back up your ability to repay.
Later, you tell the bank you won’t be making any more loan payments. The bank says that your credit is so good, you can even borrow some more. But you decide you have too much debt and prefer to stop paying on your existing loans.
The bank is dumbfounded. It warns that you would destroy your top-flight credit rating and won’t be trusted the next time you seek a loan. Even if the bank lends you money in the future, it will charge a much higher interest rate, maybe even placing a lien on your property.
You are torn between ending debt payments until you can slash your…