Weegy: Below are some common examples of the effects of having too much debt.
About 1/3 of your credit score is based on how much debt you have. [ Having open accounts does not necessarily mean you will have a low credit score, making you a higher risk. However, owing money on several account will result in a lower credit score.
Ability to obtain credit
As mentioned, having too much debt will hurt your credit score. Lower credit ... (More)