Yet another article confirms what I’ve always suspected about the relationship between how you “feel” about debt and motivation to be debt-free: Until you get mad about your debt, it’s tough to make the necessary changes and sacrifices.
A large unexpected expense or a sudden drop in your income can leave you searching for quick access to cash. After watching a commercial full of friendly smiling faces, you may consider picking up your car keys and running down to your local payday or title loan company to get the cash you need. STOP!
If you were considering loaning money to a friend, you would probably make a quick evaluation of how likely he is to pay you back. Potential lenders want to do the same, but since they don’t know you personally, they need a more standardized way to evaluate your repayment risk. That is where your credit score comes into play. Continue reading
You are watching your favorite show on T.V. and see a commercial that peaks your interest. “Do you have credit problems?” You think, “Why yes, I do!” The commercial continues, “No problem! We can erase your bad credit history forever and you can start all over!” How convenient does that sound! Of course there is a small fee associated with this magic credit eraser. You think to yourself the fee is worth having good credit again.
I am here to break the sad truth; this is a very popular credit repair scam. No one has the power to just create new credit identities. If you have poor credit history, then only time and your effort are the only things to rebuild your credit. Continue reading