January Bill Blues
The holidays now seem like a distant memory but the stark reminder of all those fabulous gifts that were purchased is reality. Those credit card statements are a painful reminder that overspending can rapidly sink your financial well-being.
Life may look bleak with statements that leave you with no breathing room on any credit card. The fear of having no back-up funds in case of an emergency is now a brutal truth. It may not alleviate stress, but you are not alone. Thousands of credit card users have spent their cards to the max and are worried about how to create some breathing space.
Credit cards are a great thing until they’re maxed. Paying the minimum monthly payment will keep you in the credit company’s good books, but maintaining a balance that exceeds 75% of the allowable credit will tarnish your credit rating. There’s also the fact that paying only the minimum monthly payment on a maxed card will take you several years to bring down because generally, interest rates are exceedingly high.
If you’re able to pay more than the minimum monthly payment, then do it. However, if you’re like thousands of others, even the minimum payment is difficult to budget. Now is not the time to panic; it’s the time to stay calm and do your research on what options are available to you. It may not seem likely, but out of something negative is always something positive, you just have to look.
Now, more than ever, turning over a new leaf and taking charge of your financial health is a step in the right direction. Having the will and desire will start you off in the right direction.
Take a look to see if you can pay the minimum monthly payment. If this leaves a pit in the stomach, get on the phone and call the credit card companies. These companies can be flexible and are willing to work with you, not against you. Let them know you’re working on a plan, but you are able to make a token payment. Paying something is better than paying nothing. Ignoring a statement will only lead to these companies calling you, and ignoring those phone calls only worsen the situation. When times are tough, protect your credit rating always keep the lines of communication open with your creditors.
Now is the time to work out what money comes in monthly, and what money is required to pay the monthly bills. If there’s no way you can manage on your own then explore loan options to stay afloat. There are options and having a good credit rating is not required for some loans.
BHM Financial is a trusted name in the car title loan industry and we may have the cure to help get rid of the `bill blues.’ Check out our website today, and breathe easier tomorrow!
Is Bad Credit Dampening Your Holiday Season Plans?
The holiday season is upon us and there is a high probability that many of us have already exhausted our credit limits, leaving little or nothing to go-ahead with the much-awaited season’s shopping. Many homeowners find themselves in similar situations during this time of the year when planning family gatherings and refurbishing the house are top priorities. Prices of most commodities, including basic household supplies, tend to rise during the holiday season.
Retailers are able to dictate the prices, as they realize that consumers are pre-occupied with buying during the festive period, without bothering too much about the fairness of the cost. In such a scenario, credit availability becomes an even bigger issue if you have bad credit. Most conventional credit extending organizations are overwhelmed by the large volume of credit-seekers who approach them during the November-to-January period. Thus, chances of a loan request being turned down are even greater since the approving authorities have enough volume to choose those with good credit scores.
Planning to stretch your Credit Card? Think again!
Distressed people, unable to access credit, often turn towards seeking extensions on their credit cards without realizing that they are paying more than the standard interest rates. This happens because credit card companies realize that spending is largely unavoidable for most people during the holiday season and thus, they tend to manipulate the situation in their favor. This is why the holiday season is commonly associated with extensive advertising campaigns by credit card companies, coaxing people to ‘buy more’ with many hidden repayment clauses (hiked-up charges) concealed within the hard-to-understand paperwork.
Considering the predicament of those with bad credit, a car title loan may be the most sensible solution. For starters, this kind of credit is extended without questioning an applicant’s credit history, making it ideal for those who are struggling with a poor credit history. Car title loans are also referred to as easy loans for ’sub-prime borrowers’ which underlines the fact that they are ideally suited for people with bad credit scores. Secondly, car title loans are uncomplicated, as the amount of documentation involved in the entire process is negligible when compared to loans sought from banking institutions. Further, the processing of the loan is transparent, wherein an applicant is duly informed about the loan structure, including the rate of interest charged and the repayment schedule. An applicant needs to be equipped with basic information such as proof of ownership of the vehicle against which the loan is being sought, along with easy-to-furnish documents like residential proof or driver’s license.
The final decision rests with you – whether you want to risk being entrapped with devious, credit card companies or multiply your quotient of happiness by seeking sensible and secured credit in the form of a Car Title Loan.
Bad Credit Doesn’t Have To Leave You High and Dry
If you are one of thousands of Canadians struggling to make ends meet and move forward through these difficult economic times, you may be facing financial challenges you never expected. Having a lower credit score is part and parcel of some of the very real issues facing individuals all across the globe. Living off of credit cards, losing one or more income streams, and trying month after month to pay off pre-existing debt can lead many of us into the bad credit zone. With more and more banks turning a blind eye or a deaf ear to even the most trustworthy clients unless they are presented with a stellar credit report, individuals are finding the lending waters choppy at best.
Fortunately, there is hope for those with bad credit who still need, want and deserve to take out loans. Of course the very act of borrowing money and successfully paying it back will increase your credit score, so it makes sense that finding a solution of this nature will not only benefit the lender and the recipient of the loan, but will assist in improving the overall economic climate as well.
Securing a bad credit personal loan or car title loan can prevent someone from crossing the line from bad credit over to bankruptcy. Car title loans for bad credit are secured using the title of your car. These loans use a paid-off automobile as collateral. Typically, your loan is repaid in monthly installments over a period of one to four years, and is for an amount that is 50% or less of the value of the car. It is possible to obtain car title loans with bad credit. There are many lenders on-line who offer these secure loans, so do your due diligence and research a reputable lender with flexible terms to suit your budget. Car title loan lenders are a very helpful alternative to banks for bad credit loans, and an option many people are turning to in order to get back on track financially.
In addition, the benefits of car title loans outweigh any possible drawbacks. Unlike other loan application processes, the long, drawn out application process is reduced drastically, allowing you to complete the process within the comfort of your own home, and in just a short period of time. No more fretting over medical bills, holiday gift shopping or school supplies for your children. The time is now to take advantage of what many Canadians are finding to be a solid stepping stone in this economy.
Getting Your Car Title Loan Basics Right
If paying your weekly bills or monthly installments is becoming increasingly difficult and your credit ratings have made it impossible to seek credit, you should consider obtaining a Car Title Loan. This is perhaps the easiest form of instant financing that is becoming popular across the globe. Car title loans are fundamentally different from conventional loans wherein extensive paperwork and background checks are critical. Seeking a car title loan is much easier and folks with poor credit ratings or even those faced with bankruptcy can seek such loans. Car Title Loans can be simply understood as short, or long-term loans that are provided by using a vehicle as the security, i.e. in case the loan is not paid, the loan provider claims ownership of the vehicle.
Is ‘Car Title Pawn’ the same as ‘Car Title Loan’? To be very precise, the use of the word ‘pawn’ in this form of easy financing is bit misplaced. Car title loans may share the core concept of an item being used as collateral for securing the loan but unlike pawnshops, the car owner gets to keep his car and can use it through the duration of the loan. This is unlike pawnshops wherein the collateral has to be surrendered and can be retrieved only upon the timely payment of the loan. The term ‘car title pawn’ probably originated due to similar-sounding tag lines that were advertised by early Car Title Loan providers.
Car title loans are often advertised under different names to attract customer across various categories. This is applicable to the term ‘car title pawn loan’ wherein by highlighting the pawning aspect of the loan, the car title companies can reach out to folks who have a bad credit history and might be considering pawning some of their personal valuables to gain short-term credit. From an overall perspective, car title loans are more structured, secured and definitely more undemanding than seeking credit through a pawnshop – seeking a car title loan does not mean pawning your car.
Locating Car Title Companies – finding a car title loan company is easy online, but finding a reputable lender is the important part. Do thorough online searches, and call, or make email-based enquires to find the lowest interest rate quotes. Look for lenders with flexible terms and read your loan agreement from start to finish.
Some companies have a dedicated evaluation system wherein an approximate evaluation of the vehicle is done without actually (physically) inspecting the vehicle. This is done by asking some basic questions over the phone, such as the year of purchase of the car, total mileage and history of any major repairs. Based upon this basic questionnaire, an approximate value on the car is quoted which in turn helps to estimate the maximum Car Title Loan that can be provided.