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Buying A Car With A Bad Credit Record
People with a poor credit record are likely to have as much need for a car as anybody with a good credit record. However, if they want to buy a car, that bad credit blemish may make life difficult for them.
Regardless of whether it is your own...
Comprehending a Credit Report
Obtaining a credit report is an excellent way to begin taking control of your financial future. It's recommended that you review your credit report once a year, not only to be aware of your standing with creditors but to also keep abreast of...
Credit Card Offers - The Top 3 Benefits To Spot
Hardly a day will go by without you getting an offer to apply for a credit card, either by the traditional mail service or online. If this is something you are considering doing, there are several key issues that you need to understand before you...
Finding the most desirable credit card deal
With increasing competition, credit card companies have been trying to differentiate their products and come up with the best credit card deals. For consumers this often means competitive interest rates and a great variety to choose from when it...
Get A Cheap Credit Card By Understanding The Fees
Credit card companies charge fees of some sort or another. The
key is to find a card with the lowest fees for the services you
use. For instance, if you use cash advances, then investigate
those fees with credit card companies before you sign up...
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Lawyers are not always a Solution for Credit Repair and Credit Building
Lawyers often charge high fees to help individuals get out of
debt. Credit repair clinics are available to assist individuals
with debt relief, but only the absolute desperate would even
consider these types of solutions. So, if this is not the
solution for repairing credit, then what is?
Many people that suffer from bad credit often wallow in a pond
of self-pity believing there is no escape. Most people sit
around waiting for the miracle that came to their neighbor's
door to hit their door. The fact is there are no miracles that
happen unless someone takes the first step to eliminate the
problem. We all suffer at times, and some of us more than
others. It depends on the amount you owe, but for most of us
getting out of debt is possible.
Let's consider Bankruptcy Chapter 7. Chapter 7 Bankruptcy allows
families and individuals to erase many of the debts owed to
consumers. Chapter 7 Bankruptcy will often erase medical bills,
home mortgage, car payments, and credit card bills. The
disadvantage with Chapter 7 Bankruptcy is that you will have to
give up some of your assets in most instances. Once you fill out
the appropriate papers you will then go into an 'automatic stay'
which stops all your creditors from contacting you. This means
that the creditors cannot garnish money from your checks each
month to apply toward the bills you owe.
It also means that the creditors can not deduct money from your
checking, savings, money market accounts and so on. You are also
protected temporarily since the consumers are not allowed to
discontinue your electric or gas. The advantage of Chapter 7
Bankruptcy is that you have a degree of control over all assets
and income that are available once the bankruptcy is in motion.
There are debts that cannot be wiped out by filing Chapter 7
Bankruptcy.
Those debts include child support payments, college tuition
loans, criminal fines and costs, or other similar bills. The
problem with filing bankruptcy is that new laws are coming that
will make it more difficult for debtors to file. The new laws in
motion are nearly prohibiting debtors
from finding a solution.
Another form of bankruptcy that is available is the Chapter 13
Bankruptcy. Chapter 13 Bankruptcy means that the debtor keeps
their assets while making lower monthly installments on their
belongings. This is a good solution for building credit.
If you missed car or home payments it is a solution to help you
repair your credit. The downside with Chapter 13 is that if you
miss payments the courts has the right to change your plans. If
the courts see that the delay is only temporarily they may issue
you a 'grace period' until you get back on track, otherwise you
might get a 'hardship discharge,' which means that your debts
are dismissed. The best solution then is finding a solution for
the problem that won't lead you into the courtrooms.
This is only a headache since you will have to make court
meetings, be in someone else's control, and so on. The first
step to repairing your credit and building to a better future is
put some taps on your spending habits. Setting up a budget plan
is a great start to credit repair without hitting the courts.
Before long the law is going to make it virtually impossible for
anyone to go to bankruptcy court, so it is time to get started
now. If you are not good at budgeting, there are Nonprofit
Organizations that will help you set up a budget plan for little
or no cost.
Remember you are not alone, and there are people out there
willing to help you get back on your feet. If you don't want to
bother someone else with a budget plan you could also purchase
software programs that offer the tools for budgeting. Quicken
and many other software programs have excellent spreadsheet
programs, analyzing tools, and so on to get you on the road to
budgeting your money in order to repair your credit.
Information is this email is for information purposes only.
Always contact your lawyer if you need legal advice.
About the author:
Tony Robinson is a business owner with vast experience in all
facets of Credit and Credit Repair - for further tips and
techniques visit http://www.officialdebtfree.com
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| CUNA: The Credit Union National Association |
| News and resource directory about credit unions. |
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| Credit/Debt Management - Tools and Advice for Managing Credit and Debt |
| Drowning in debt? Trying to improve your credit score? This is the place for you. Get real world information and tips, as well as the legal low down, ... |
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