Real Causes of Debt That You Should Steer Clear From
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No one is exempted from the risk of debt problems. Everyone can get stuck in debt at the most unexpected times. The sudden loss of job, divorce, sickness, failed business – these are just some of the factors that are beyond a person’s control. This article focuses on the real causes of debt and what you can do to avoid it:

Spending more than what you can afford. Are you frequently spending beyond your means? To answer this question, list down all your expenses for the month and compare it with your income.

Is there enough money left to pay your most important bills such as utilities and debt repayment? Are you able to set aside some of your money for savings? Or does a large percentage of your income go to splurges or unplanned purchases? If you have no idea about your spending habits, it’s about time to evaluate yourself.

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Bad Credit Must Dos
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When stuck with a bad credit history, one needs to act quickly.  The fact is, there is something you can do about bad credit.  In this article, let’s tackle the positive steps you can take so you can turn your bad credit into a good – to excellent one.

Check your credit report.  The first thing to do is to understand the cause of the problem.  Why do you have a poor credit score?  Perhaps there might be false charges in your report that contribute to your poor rating. 

If you find errors in your report, contact the credit bureau right away and have these errors corrected.  Checking on your credit report will also help you see the status of your accounts with each of your creditors.  This way, you can create an efficient repayment plan to resolve the problem.

Get a bad credit credit card.  Bad credit credit cards are tools for rebuilding damaged credit.  In fact, even those with no credit history can also use a bad credit credit card to establish one.  Find a credit card that reports to the three major credit bureaus to ensure that all your payments will be properly reported. 

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Options for People With Bad Credit Ratings
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The problem of bad credit isn’t just limited to a few.  Each year, thousands of people in the United States alone face the dilemma of bad credit.  Do people with bad credit ratings still have a chance to obtain credit cards?  What options are available for people with bad credit?  This article will discuss some basic facts about credit cards for people with bad credit.  Learn how you can use bad credit credit cards in rebuilding your damaged credit.

PrePaid Credit Cards

One example of a bad credit credit card is the prepaid credit card.  Also called prepaid debit cards, these cards can be used in shopping at regular stores or making purchases online.  Nevertheless, unlike with a regular credit card, the borrower must deposit funds in his account. 

Charges will immediately be deducted from the card holder’s debit account right after the purchase.  This means, there is no need for the card holder to submit payments at a later date.  For those with debt problems, prepaid credit cards are great tools in rebuilding credit because it puts a limit to their buying power and makes the card holder more aware about his spending habits.

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Secured Credit Cards for Building Credit
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It is an undeniable fact that credit cards are now part of our society.  The credit card method of payment is now widely used in department stores, boutiques, malls, hotels, airline reservations, banks, and even in small business outlets. 

 

The convenience credit cards bring is evident as it is now accepted as an international system of payment.  The introduction of internet banking and e-commerce also enhanced the popularity of credit cards all over the world.  If you don’t own a credit card today, you’re certainly missing a huge opportunity as a consumer. 

 

But not every one is qualified to apply for a credit card.  If you take a look at credit card advertisements today, the best credit cards in the market do require applicants to present an excellent credit score to get an approval.  What if you don’t have that outstanding credit score?  Does this mean you’ll miss out on the privilege of being a credit card holder?

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The Battle of Credit Cards and Debit Cards
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Some people are still confused about credit cards and debit cards. In this article, let’s talk about the advantages of credit cards as well as the advantages of debit cards. Along with advantages, we’ll also take a look at the disadvantages of both credit and debit cards. This way, you can make your choice based on facts and useful information.


Advantages and Disadvantages of Credit Cards

One major advantage of a credit card is that it enables its holder to make large purchases in advance and pay them at a later time. Most credit cards allow paying in installments and if you have a 0% interest credit card, it definitely gives you a stronger buying power.


Credit cards with reward programs are also advantageous because it allows the card holder to get more from his purchases. Additional privileges and incentives that are only exclusive to the reward credit card member also make it an attractive option for consumers.


Nevertheless, the convenience of being able to buy without cash can become a disadvantage if discipline is not implemented. All too often, misuse of credit cards or uncontrolled spending has put millions of consumers around the world in serious debt.

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The Risk Of Credit Cards For People With Bad Credit
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Even with bad credit or with a low credit score, it is still possible for people to obtain credit cards.  Credit cards for people with bad credit are easily accessible for anyone to have.  While this option opens a wonderful opportunity for people with bad credit to start working on their credit history, there are also risks involved. 

In this article, we’ll discuss how bad credit credit cards can become a cause of worsening debt problems.  We’ll also take a look at some guidelines that consumers must follow upon owning a credit card.

Choosing the wrong bad credit credit card.

Choosing the right type of bad credit credit card is crucial.  It is no secret that these cards have higher interest rates than regular cards.  Different credit card companies impose different interest rates so it’s up to you to look for the issuer that offers the best deal. 

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The Risk Of Credit Cards For People With Bad Credit

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Why Consider a Bad Credit Car Loan
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Acquiring a car loan with bad credit is certainly possible but if you’re not careful, you may find yourself stuck with a high interest loan.  It is true that car loans for bad credit understandably have higher interest rates than car loans that require good credit.  However, this doesn’t mean you should settle for unreasonable charges just because you have a bad credit history.

Financial experts recommend that before applying for any type of loan, it is best to work on improving your credit score first.  This way, you can easily qualify for loans with the best deals.  But if you’re badly in need of a car, then you may need to apply for a car loan without delay.  In this case, a bad credit car loan is what you need.

Finding a Reasonable Bad Credit Car Loan

Is it possible to get a bad credit car loan with reasonable rates?  If you do your research well, you should be able to find lenders who offer car loans for bad credit at a lower cost.  Avoid signing up for the first attractive car loan offer without carefully considering the exact terms and conditions of the lender. 

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Tips In Refinancing Your Bad Credit Auto Loan
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Being stuck in a car loan with high interest rates and costs can be frustrating.  At one point, you may have needed to purchase a car in a hurry but because you have a bad credit history, you may be unable to qualify for loans with a low rate. 

Most car loans for bad credit come with 18% to 25% interest rate.  Yet because you needed the car at that time, you may have acquired a bad credit card loan despite the high interest rate.  Is it possible to improve your current situation? 

How can you get off from the high interest rate so you can enjoy a much easier repayment?   By refinancing your bad credit auto loan.  Refinancing is like getting a second car loan- only with lower rates and easier repayment terms.

Requirements on Refinancing Bad Credit Auto Loan

What are the requirements for refinancing a bad credit car loan?  Specific requirements may vary from one lending company to another but the general rules are usually the same. 

First, you need to have maintained the car for at least 1 year.  Second, your records should prove that you have made consistent and timely payments from the day you started with your repayment.  The value of the car you bought should also cost more than the balance of your loan. 


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Secured credit card, your option for bad credit
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If you’re stuck back credit and is suffering with a low credit score, a secured credit card may save you from all your troubles.  Thanks to secured credit cards, many people today are given the chance to open a new credit card account and the opportunity to rebuild their credit history.  Yes, a secured credit card is your best tool in boosting your credit score.   

Not Just for Bad Credit

Are secured credit cards solely made for people with poor credit score?  Certainly not! Most unsecured credit card issuers today require an excellent credit standing from their applicants and if you have less-than-perfect score, you may not qualify for one.   

You don’t need to have a very bad credit score to be declined for an unsecured credit card.  A low credit score alone can get your credit card application declined. 

For those who haven’t yet established a credit history, they may also get disqualified for an unsecured credit card.  Thus, having a low credit score and having no credit history can make you a suitable candidate for a secured credit card. 

Boost that Credit Score

Obviously, enjoying an outstanding credit rating entitles a person to enjoy the best credit card deals and the best banking privileges.  That is why you should aim to build up your credit.  But having a low credit score today doesn’t mean you can’t do anything about it. 

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What is the New Bankruptcy Legislation?
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Starting October 17, 2005, new bankruptcy legislation requirements were introduced to the public. Under the new bankruptcy law, filing for bankruptcy has become a more complicated process.

First of all, filing bankruptcy documents involves more tasks not only for the debtor but for the attorney as well. When filing bankruptcy, an individual must provide more precise information about his income and expenses. Additionally, bankruptcy attorneys are now liable in case there is any false information found in their client’s case.

This puts a greater responsibility on the part of the lawyers and they need to be more careful in preparing the necessary documents. For this reason, bankruptcy attorneys have raised their fees- even to as much as 100% increase- on account of the additional tasks and responsibilities put upon them.

Another major change brought by the new bankruptcy law is the counseling requirement. To be able to file for bankruptcy, a debtor must first go through credit counseling six months prior to his application. The government has also designated several credit counseling agencies who will be accredited to provide a counseling course. By undergoing credit counseling, a debtor will be properly advised whether bankruptcy is indeed the right action to take, considering the borrower’s situation.

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