First, you typically pay interest on that loan when you borrow money. And, since interest compounds over time, the longer you take to pay off your debt, the more expensive it becomes. Second, a low credit score can lead to higher interest rates and may make it more difficult to borrow money in the future. This can add up to significant costs over time. Finally, carrying too much debt can also be stressful. Debt can weigh on your mind and cause anxiety about your finances. This stress can also lead to health problems down the road.