It's nearly impossible to get a home loan or finance an automobile without a good credit rating. Creditors use our credit as a gauge to determine whether we can pay our bills on time. A clean credit history opens a lot of doors for people, whereas bad credit closes those doors.
In most cases your first credit card, no matter how small the balance or how high the interest rate will lay the path for future credit offers. Some credit card company took a chance on you and that chance can determine your financial future. With timely payments your credit score slowly increases and you become a more attractive borrower. Before you know it your credit lines increase and your interest rates take a sharp turn downward.
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Good credit is essential in this society and it can save you a fortune in the long run. People with good credit may qualify for 0% interest rates on cars and trucks and they might qualify for prime interest rates on home loans. They don't have to pay annual fees on their credit cards and they can get the best interest rates. With good credit you can save tens of thousands of dollars in interest over the long run.
Bad credit has long been associated with bad spending habits. Images of shopaholics enter people's minds when they think of bad credit, but this scenario is often times far from the truth. Many honest and hardworking individuals wind up having to use their credit cards to pay for everyday necessities such as food and gasoline. This is especially true for people who lose their job or have a sudden unexpected event such as a serious accident.
People don't usually plan to start living on their credit cards, but sadly, this is often the case. When faced with the alternatives people usually have little other choice but to max out their credit cards in order to survive. Once people have maxed out their credit lines, it's usually after they have depleted their cash on hand and savings accounts. When those credit card bills start rolling in, just looking at the bill can be very exhausting. Credit cards are like band-aids, they only patch up the problem temporarily when they actually make the problem much bigger in the long run.
Maxing out one's credit card is usually just a sign of a much bigger problem, one that already began before the debtor had to turn to their credit cards. At this point in time the borrower has reached a fork in the road. They either need to consider filing for bankruptcy or they need to get credit counseling. A short review of their situation by an experienced and knowledgeable bankruptcy attorney will reveal which option is better suits them.
In many cases, the borrower can benefit from credit counseling. There is no better person to venture down such a course than a skilled credit counseling lawyer. The creditors will take the debtor much more seriously when they have an attorney on board.
A lawyer may be able to negotiate with your credit card companies so they can reduce your balances and lower the interest rates. In many cases a credit card company will prefer to take some money in a negotiation as opposed to getting no money at all if you were to file for bankruptcy instead. Whether you eventually choose to file for bankruptcy or get credit counseling, either way you will be in a better situation than if you don't do anything. If you are drowning in debt, you are urged to contact an experienced bankruptcy lawyer today for honest advice.
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