The stifling effects of bad credit can oftentimes leave
consumers with very few viable financial choices. The sense
of hitting a brick wall at every turn becomes part of the
slippery slope of seeing your credit score drop, and your
options dry up.
One of the ropes often dangled by finance companies, credit
cards issuers and even mortgage lenders is the availability
of high interest loans for high risk people..:-)
Unfortunately, while potentially a temporary salve,
getting a high interest loan to repair your bad
credit is rarely a long term solution. Rather, it takes
people who are already in trouble and offers them a " stay
of execution" so to speak, while over time, many of the
lesser understood and rarely disclosed " fine print "
points come back to bite you in the rear end.
online cash loans, no bank account loans, how to get a loan with no credit,
And it usually hurts a lot more when you get to this point,
because frankly, now your options are really scarce.
I've seen many people get into this boat - and have been
there before myself. The idea of robbing Paul to pay Peter
has been a metaphor we've heard throughout our lives, but
for many people it becomes a matter or survival rather than
a cute pun to throw around in difficult times.
The so called - "credit repair loans" are a different
breed altogether because they potentially can show up in so
many different types and stripes of offers. Sometimes a
credit card to consolidate the overdue debt on several other
cards is like a gift from god when offered - yet, when
your payment is one short 24 hour sun cycle short, you can
find your interest rate accelerate to alarming rates.
Home loans that have incorporate the same basic idea in a
refinance, yet have acceleration clauses or variable rate
interest have directly caused the glut of foreclosures we
see in 2007, (and predicted to last well beyond with many
loans expected to convert to higher rates in the coming few
months) and most often, these loans were extended to people
with bad or medium to low credit scores.
It is my fundamental belief that bad credit loans, unless
they are offered with clarity of understanding on all sides
and are serving a " financial life serving " purpose (
preventing a foreclosure, obtaining needed medical care, etc
) should be avoided at all costs. Mostly because the costs
are simply too high. And human nature being what it is,
invariably the very same people who they are meant to serve,
suffer in the long run.
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