The evergreen story of people in debt becomes even sexier in an economic downturn, when debts inevitably get harder to pay.

As borrowers, we may feel guilty about running up debt, anxious about making payments, and resentful of the constraints that old obligations (and old credit records) impose on our current choices. We may find it too easy to buy things we may later regret.

If you default on your Visa bill, nobody comes to repossess your refrigerator or auction off your shoes. The biggest penalty you'll face is trouble getting future credit.

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