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Bad credit cards are those specifically aimed at helping those with poor credit ratings, or even no credit ratings. Although at the moment the credit industry is feeling the pinch, there are still credit cards available for those with poor or bad credit. However, if you consider that you fall into this category, or have been experiencing difficulty obtaining a credit card because of your credit file, there are a few aspects of adverse credit cards that you need to be aware of.
The first is that credit companies offering cards to those people who have an adverse credit history are taking a greater risk than they might be with those who have good credit ratings. You might consider this unfair – perhaps there are … continue reading.
Being overwhelmed with debt is a horrible feeling. When you're struggling to pay the bills and getting nowhere in the process, it's normal to want to find a way out. This is why many debtors turn to bankruptcy.
Bankruptcy can certainly help alleviate your debt. Chapter 7 bankruptcy results in the discharge of most consumer debts, and Chapter 11 and 13 provide a way to repay a reduced amount to creditors on more favorable terms. It seems like a dream come true for the debt-weary. But is it?
Actually, bankruptcy has a number of negative effects that debtors should seriously consider before filing. Here are some of them.
* In Chapter 7 bankruptcy, you may lose some of your property. Certain items that are paid for are … continue reading.
Few of us are completely without debt. But if you use debt responsibly, it's not necessarily a bad thing. Unfortunately, it's too easy to let our debts spiral out of control.
Sometimes we end up in debt over our heads through no fault of our own. We may have a good handle on our finances until we lose our jobs or fall ill. Then a reduction in income causes us to fall behind, and we find ourselves using credit to pay for necessities.
Other times, an overabundance of debt is the result of irresponsible spending. We might use credit cards and loans to pay for extravagant wardrobes, luxury vacations and other unnecessary things. Few people do this with the intention of running up balances that they … continue reading.
Sometimes people end up with more debt than they can handle. Often it is not due to irresponsibility, but to circumstances beyond one's control. Job loss, unexpected medical expenses and other such situations can cause finances to take a sudden turn for the worse. When such things happen, bankruptcy can ease the financial burden.
Bankruptcy should only be used when all other alternatives have been exhausted. It remains on your credit record for ten years, making it difficult or impossible to obtain loans and other types of credit. But in some cases, it is a debtor's only hope for relief. If you're considering bankruptcy, it's important to know which type is best for your situation.
Chapter 7 is the most common type of bankruptcy for … continue reading.
Stress of any kind can take a toll on our lives and health. But financial stress is particularly bothersome. While cutting corners never hurt anyone, juggling bills and doing without necessities is bad for both our physical and mental health.
Excessive stress can contribute to a number of health problems, including depression, anxiety and insomnia. If that weren't enough, financial problems may prevent sufferers from getting proper treatment. This allows the condition to worsen, and that can lead to even more health problems.
Those who are under financial stress often feel a sense of hopelessness. They may beat themselves up mentally for allowing things to spiral out of control. But that frame of mind can only make things worse. Putting your energy toward getting out of … continue reading.
Your credit report can affect numerous aspects of your life. It impacts your ability to get credit and the amount you pay for it, but that's not all. It can also affect your insurance rates, employment prospects and even your ability to rent a place to live.
Keeping our credit reports accurate and private is of the utmost importance. This is why the government created the Fair Credit Reporting Act (FCRA). Enacted in 1971, this law contains several provisions that govern how credit reports are maintained and used.
Terms of the FCRA
* Only certain organizations with legitimate business reasons may request an individual's credit report. These include creditors, employers, insurers, and in certain cases, government agencies. Other parties can only receive your credit report if you … continue reading.
Bad credit can haunt us for a long time. Late payments we made years ago can affect our chances of getting a loan or credit card now, and possibly for years to come. Many people face this dilemma, and that is why credit repair has become such a hot topic.
The offers are enticing. For a few hundred dollars, or sometimes more, firms offer to erase bad entries from your credit report. But if it were that easy, wouldn't more people be doing it?
Unfortunately, a great many credit repair companies are nothing more than scam operations. They promise to remove every negative entry from your credit report, and then they do something that you could have done yourself at very little cost: they write dispute … continue reading.