Maintaining a decent credit
score is an unfortunate part of many societies. It can be difficult to keep up
the credit score due to the social and economic circumstances of a capitalist
culture. Many individuals need help when the credit score is low. There are
many people who would benefit to get a loan with bad credit. Adverse credit has
many causes. Many people cannot afford to meet monthly loan repayments because
they have been victims of predatory lending practices. Other individuals lose a
job, become ill, or have the death of a spouse in a two-income home which
results in less monthly income. There are a few people who do not fit those
descriptions and have made bad financial decisions.
Financial counselor is
a professional who can advise clients about banking, investments, loans and
debt. They can help customers manage debt, plan their future and retirement.
Most financial counselors charge a regular fee per appointment. There are some
which are sponsored by non-governmental organizations and non profits that are
free or charge a low fee for low-income individuals who qualify. When the dilemma
is credit card debt one of the best resolutions is to contact an organization
that will pay the amount which is owed by the individual. After that there is
only a payment that must be made every month because all of the credit card
debts have been consolidated.
Many people have so
much debt from several loans which they cannot afford to pay back. They can
have one lender take on the debt from the other loans into one, known as a debt
consolidation loan. This can be unsecured loans being consolidated into one
secure loan or the opposite. It is supposed to give the individual some relief
because they only have to make payments to a single lender. A home equity loan
is when a borrower uses the price of a house as an official promise to the
lender that they will give up ownership if they do not pay back the loan. An
equity loan is a secured interest against the property by the lender and it is
considered another credit advance. This sort of loan has a smaller time frame
for repayment.
Beware of advance fee
loan scams which ask for money up front in exchange for a loan. Reputable
financial institutions do not require that borrowers must pay money before
receiving the loan. Emails, phone calls, and business letters claiming that an
individual qualifies for a large sum of money if they will make a payment
should be avoided. If a person believes they are a victim of this scam or have
been contacted by a fake company, they should call the FBI, Federal Trade
Commission, and the credit unions.
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