It will make a repo appear on ones CR and subsequent loans will require a higer interest rate and possibly higher down payment.
Break the phrase down into its parts. Financial refers to money -- whether owed by you or due to you. Commitments are obligations. Financial commitments would be your obligations to pay money to a company or person. These are typically owed regularly. Examples of Personal Financial Commitments include:child support; garnishmentslegal - liens and judgmentsother legal garnishmentsfoodhouse - mortgage paymentsapartment rental paymentscar paymentsgas, auto upkeeputility paymentsphone paymentscellphone paymentscredit card paymentsclothing expenses
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