Most of us have been there. Struggling to make ends meet. That’s where Poor Credit Debt Consolidation shines. You’re not alone and a poor credit score doesn’t mean you’re a bad person. Most people don’t choose to struggle with money.
Poor Credit Debt Consolidation – Credit Repair Services Reviews
Table of Contents
Introduction to Poor Credit Debt Consolidation
Sometimes our circumstances change. Maybe you got laid off? Once again, that doesn’t mean you’re a bad person. It’s possible you were a great worker for a company that simply needed to downsize, and you didn’t have the seniority. In today’s automated world it’s not uncommon for companies to cut back employees. I recently saw in the news that Google is one of those companies. I’m sure Google has its share of “Misfits” but for the most part, good people are losing their jobs.
Approximately 16% of Americans have bad credit, according to Experian data.
That’s a considerable and concerning number. I still believe though in the overall goodness in people and I refuse to believe that 16% are just lazy and irresponsible enough to accumulate debt with no intention of repaying it.
Don’t get me wrong, those people are out there.
Forgive me if I seem too harsh, but this article is NOT written for them! It’s written for the people who truly are looking for help from situations that have been out of their control, or mistakes in the past that they have learned from.
Getting Out of Debt can be Overwhelming
Sometimes it seems like there are no viable options out there and the process of restoring your credit can seem to take a lifetime. I can’t put a number on how many years it takes to restore credit because each case is unique. One 30 day late payment will recover faster than a 90-day late payment. Three 90-day late payments will recover faster than a foreclosure. Etc.etc.etc.
The only way to get out from under debt is to pay it. Plain and simple.
Easier said than done, right?
Most people have more than one credit card. These credit cards all have interest rates and due dates. When you make a payment late, the interest rate goes up. A vicious cycle. First step, make payments on time. Better yet, pay the balance in full and you can avoid any interest on most credit cards. This allows you to earn rewards and only repay your own money. You’re earning from the bank, not the bank earning from you.
Here are some tips to make debt more manageable.
- Get spending under control. We can’t buy what we can’t afford.
- Buy only what we truly “need” and not what we “want”. We have to know the difference.
- Focus on what we’re “gaining” from spending less and not what we’re “losing”.
- Make payments on time. Know the due date.
- Pay your balance in full. Earn from the bank instead of funding the bank.
- Search for sales. A little extra time researching can add up to big savings.
Tip- It may not sound appealing to everyone but I frequently shop the Yellow-Tag meats at Wal-Mart. They are typically marked down several dollars. Take them home and freeze them. Money saved is money earned!
Poor Credit Debt Consolidation: Consolidating Your Debt
When we have multiple debtors it becomes difficult to keep track. This can lead to big mistakes. One late payment and there is no forgiveness. You’re hit with a higher interest rate and a late payment. Double Whammy!
The banks don’t care that you overlooked last month’s payment. In fact, they love it. They’re making more money while you go further into debt. As I mentioned earlier, find a way to turn it around so you are earning from the bank. I learned how to do this, and it almost seems too good to be true. I pay no interest to the bank, and they pay me rewards.
Once again, pay your balance in full if there’s any way you can. It pays.
Places That Can Help
It’s an unfortunate fact, but quite a reality that people with lesser credit scores will ultimately pay higher interest rates. It almost doesn’t seem fair but in the big picture lenders want their money back. It wasn’t that long ago that people with lower credit scores couldn’t get credit at all.
Things have changed. Now there are options.
I want to strongly caution you here. I’m all about helping people find creditors that will lend to people with bad or no credit. Everybody deserves a second chance. What I don’t want you to do is find a creditor who will help you consolidate your debt and have that new-found money just become more debt. That would defeat the whole purpose.
Be Responsible!
If you’re considering Poor Credit Debt Consolidation, the money needs to be used wisely to reduce/eliminate debt.
Additional Resource: Financial Planning Retirement Tips – Ready?
Top recommendation for people struggling with bad/poor credit
BadCreditLoans.com is a lender with a fast and easy process. Every day, they help people looking to secure a loan, obtain information about debt relief, credit monitoring and other solutions to meet your needs.
- Request from $500 to $10,000
- No cost or obligation to see if you qualify
- Available 24 hrs/day 7 days/week
- Bad/Poor Credit Welcome
Three easy steps, all online
- Complete our simple online form and see if you are connected with a lender.
- Compare your options and complete your loan process.
- Review other non-loan offers to see if any make sense for you.
Top recommendation for people looking to borrow more than $10,000
PersonalLoans.com is fast and free to apply. Every day, they help people search for a personal loan from their network of lenders and in other third-party lender networks they use. Request a loan any time, day or night. Their partners can offer loans up to $35,000 with varying rates and terms. Review your loan offer with no obligation and decide what works for you!
- Security Matters
- Simple and Straight Forward
- Fast funding right to your account
- Loans for any occasions
Three Great Opportunities
Here are three great opportunities to manage debt and repair credit if used responsibly. Click Below to learn more!
Personal Loans
Loans for Any Occasion
- Debt Consolidation
- Fast Funding
- Loans for Any Occasion
Bad Credit
Bad/Poor Credit Welcome
- Request up to $10,000
- No cost obligation
- Available 24/7
- Bad Credit OK
Sky Blue Credit
Credit Repair
- Credit Rebuilding
- Pro Analysis
- Faster Disp
- Score Assistance
- Pro Analysis
In Conclusion
It’s safe to say that the interest rate is going to be higher for anyone with a lesser credit score. There’s nothing that can be done about that other than being patient while your credit rebuilds. It’s worth the wait.
Take advantage of the opportunity to Consolidate your Debt but be responsible with it. Don’t use it to catch up on current bills. Use it to pay off your legitimate debt.
Chances are the credit card bills you pay now have a higher interest rate than a Debt Consolidation Loan and you can use this loan to lower the amount of interest you’re currently paying. This also gives you one due date to worry about, instead of multiple due dates. This can make managing your expenses much easier.
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