A lot of people have filed bankruptcy claims in recent years. Is this the case with you?
Simply put, you should not file for a bankruptcy. Not only is this not the right decision for you, but it only helps you make that decision, too. However, if you had filed for bankruptcy the first time, chances are that your chances of successfully repaying your debts are even better if you use this as a guide:
1. Try to pay as much or as little interest as you can. You could easily afford to pay off credit cards and other unsecured ‘derived’ items, but this is a long step. It would take time, but that is what you should have on hand.
2. Try to pay as much ‘real per month’ as possible. This might be self-evident, but you should have some actual tangible savings. For instance, if you have a mortgage, a car loan or a life insurance policy, then you could save a fortune by paying off these items at a lower rate.
3. Be willing to make big payments – at a very low rate. Many traditional debt consolidation agencies will usually allow a lower rate or a lesser rate for every type of debt than they currently give you.
4. Be patient. Some will work with you, some won’t, but the final decision is yours.
Please take the time you are rightfully entitled to to know exactly what you are doing and how you’re going to handle it. Unfortunately, only time can do that to you. Do not let yourself slide.
To help you, here are some simple steps you can take to help yourself deal with the worst financial emergency you have ever experienced:
1. Check your credit report. This will help you identify what type of credit card is being used, how much interest has been applied, and what credit limits have been set. Even if the card has been used before, it will also indicate that an investigation is underway. If you feel that an investigation has occurred, write a letter to the credit reporting agency. The only way to tell a credit reporting agency that you are unsure of your eligibility for a new credit card is by putting yourself in communication with a debt collector. Read each letter carefully. Do you truly need it? Many creditors give this information while collecting debts, so read the fine print. Can you qualify? Yes. Can you handle it? Yes. Even if you deny an application, send it to the reporting agency.
2. Determine if you can cope with repeated bills. Pay off the cards you can. Pay for them with cash. Do not close the account. No. Card utilization is known to be a top-notch crisis. Never over-use a card.
3. Try to pay all your bills on time. Pay more than the minimum payments – this could put the interest rate on your credit card in ways you can’t control, such as paying over the minimum payment on your cards.
4. Try to pay your expenses on time. Paying more than 2% interest on loans or ATMAs will help to clear your credit debt.
5. Read the terms and conditions of your credit agreement carefully. This also can be considered a red flag. As expected, many writers seem to never read the fine print. Although it is possible to apply for a credit card, it’s almost impossible to get a loan.
6. Try to pay back your debt. Don’t do it on the assumption that you can. Many people who feel that they can’t make ends meet on their bills don’t read the fine print. They don’t recognize the high cost of credit repairing credit.
How you can save money by finding a lender with good rates
‘You can’t have the worst interest rates by not putting your money where your mouth is. With their benefits, you can make late payments and pay off your small loan with confidence. Sounds like a revolution. Now you can have a source of relief even though you may wait weeks or months for your bank to send you a loan.
‘What’s better is offering you free quotes so you may have some information that’s right for you. Don’t be shocked to find that you can’t get the best rates. There may be clauses regarding other issues that you may want to review, such as late fees, or cash back rates. These monthly rates may be higher on an individual basis. If you’re paying any interest, you will need to choose what to pay back – either electronically or by getting quotes through the websites of your favorite lenders. Ask your local credit bureau to help you out.