50 Weird Ways People Go Broke

13. Falling Victim to Forged Credit Applications

Having loved ones secretly open accounts in your name can lead to your financial downfall. In many cases, the victim doesn’t find out until an unpaid creditor starts taking action.

There are legal avenues that can prevent the victim from being liable for the debt, but when the perpetrator is a family member or friend, some people don’t want to get their loved ones into trouble. Those who can’t afford or maintain payments on the debt ultimately face judgments, liens, garnishments and even bankruptcy.

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