Bad credits can create several negative repercussions. If you are in the habit of paying bills, then you should worry more than just added interest and late fees. Poor borrowing habits and not repaying the loans in time are going to affect your market reputation negatively.
Filing for bankruptcy or even the idea of it can be unsettling. What happens when your bankruptcy attorney tells you that it is your last resort? The fear and guilt associated with it can turn your world upside down.