What harmful effects does adverse credit have?

There are several harmful side effects of bad credit. For example, bad credit can lead to high interest rates on loans and credit cards because lenders see you as "risky". Also, those with bad credit may be denied for credit cards and loans. Bad credit may make it difficult to secure an apartment rental, a new car, a cell phone contract or a job in finance or upper management. Insurance companies may offer you higher premiums. You may receive calls from debt collectors.