Learn More About How to Get Loans For People With Poor Credit and No Credit

Posts Tagged ‘bankruptcy’

Ghastly Credit Personal Loans: Availability Plus Your Options

Sunday, February 7th, 2010

Many people are able to receive bad credit personal loans after bankruptcy, often as soon as 30 days following the discharge of the bankruptcy. Many companies have actually found a pretty good market offering these loans to their clients.

You see companies are willing to do this knowing that a person cannot claim bankruptcy for a minimum of seven years following the bankruptcy discharge.

This opens a new market where some lenders will take a chance of people with a bad credit rating knowing they have legal recourse to recoup the amount of the loan.

Although most traditional lenders simply will not grant bad credit personal loans after bankruptcy there are numerous lenders that fight over the market.

At the time of writing to my knowledge there are no laws in place to stop people from taking on these loans, even though people are required to go to counseling lessons they are not actually forced to follow-up on everything they are told.

Once the bankrupt individual has discharged his bankruptcy he or she should be free to go after a bad credit personal loan when they feel the time is right.

We all know that bankruptcy records are totally public and this very often causes people a lot of embarrassment and difficulties in getting by. For this reason people are often in a rush to get back on their feet and many feel that a personal loan after bankruptcy is the answer.

Some people are maybe a little bit too desperate and find themselves repeatedly having to file a bankruptcy in a continuous seven-year cycle. I’m afraid the new bankruptcy law has not managed to put an end to this.

The absence of a law against bad credit personal loans

While many laws exist over who can offer bad credit personal loans after bankruptcy and the interest rates charged for them, there are no laws governing who can apply for them.

Many folks take out these loans despite the well-known fact that they come with very high rates, even folks who have been through multiple bankruptcies in the past still very often take them out.

It is the norm for lenders in this industry not to require collateral for the loan. The truth of the matter is that because of the legal recourse available which can include Wade garnishment, even when the loan goes into default the lender stands to make a profit.

You see when someone defaults on one of these loans a court ordered repayment is commonly granted right away for however much the loan comes to, plus all costs involved with the collection of the loan.

Either way you are strongly advised to consult your lawyer on anything relating to this as bankruptcy and these kinds of loans are to be taken very seriously, also like in all markets there are scams to be avoided so you must check out any deal you are interested in very closely.

Control your Credit Card Debt

Wednesday, December 23rd, 2009

Any kind of debt such as credit card debt needs to be quickly addressed if one wishes to establish a healthier financial life. You can begin with a basic technique such as budget planning or other saving methods, but the truth is it is more difficult than it seems. This is even more true with making financial transactions using your credit card since it basically offers you lots of convenience to purchase items you normally would be unable to afford if you had to rely on actual cash to make the purchase. Improving your credit card debt is essential when you are trying to improve your credit rating since it also affects your overall financial stability. Below are suggested steps in which you can help achieve a more stable personal finance system and eventually become debt free.

If you are in credit card debt, then you are most definitely guilty of overspending and/or living beyond your means. If you continue to spend despite your financial problems, then you are simply making your recovery even more difficult. If you can’t stop spending, then at least stop spending with credit cards. Credit cards make it entirely too easy to build debt. If you can manage this first major step, then you can at least make some headway into your financial abyss. Also, you may be able to contact your credit card companies to reduce your interest rate or sometimes even suspend it for a short period of time.

As discussed earlier, financial freedom is impossible without a budget plan. This not only applies for those who are financially challenged but for any person who desires healthy finances. However, with credit card companies flooding mailboxes and consumers falling into the trap of spending freely using plastic, budgeting has gone by the wayside for many. Nonetheless, it is never too late to budget. Start budgeting today. Budgeting will help you understand where your money is really going — you may be surprised. If you don’t know that gas for your car costs $200 per month, then you may falsely believe that you can afford those $150 shoes. Just take a look around our home, how many of those purchases could you have done without. Budgeting will help you eliminate wasteful spending. Make a commit to review your budget on a weekly basis and save all your receipts. As your debt shrinks and your bank account grows, you will become a happier person.

Creating a budget plan will also enable you to appropriate the more important expenses and make them a priority in your list. This is an important method in financial planning that people often fail to undertake with using credit card.

Use Cash Instead of Credit Cards: This is a simple step but for people who have relied so much on credit cards, they might find it difficult. The trick here is that credit card companies provide you with non-cash substitutes that you will use for spending instead of actual cash, because it makes it easier to let go and spend them. There is none of the emotional attachment you associate with spending actual money. Since using credit cards to make your purchases feel like you are not spending at all, then you expose yourself to bigger credit card debt.

Eventually, if you follow these steps, your credit card rating will improve. This is extremely important because this may save you $1000s on big ticket purchases such as a house or car. Also, by improving your credit card rating, you can get better interest rates. This can impact your cash flow by reducing your interest rate on large personal debts; imagine lowering your mortgage payment by negotiating a lower interest rate based on your improved credit rating. Your ability to get lower credit card interest rate is directly dependent on your credit card score. Therefore, taking the time and energy required to balance your budget and improving your credit card score is extremely beneficial for both your present and future.

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Poor Credit Auto Loans and More

Monday, November 9th, 2009

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All 8 FreeCreditReport.Com Commercials with Lyrics

Tuesday, November 3rd, 2009

Dealing with Credit Card Debt

Tuesday, November 3rd, 2009

“Bad Credit” – Dan Louisell – freecreditreport.com spoof

Tuesday, November 3rd, 2009