Credit CAR vacation
No, that is not a misprint. Seriously, you can use credit from a loan you can access through your car and take a vacation. It’s easy. And it can be a lot smarter than using your credit card.
The downside of credit cards
A lot of people don’t know that, even if you make payments every month towards your credit cards, if your card balance stays near the maximum of your credit limit, that can lower your credit score. So, if you max out your card for a vacation and your card stays maxed out, that can lower your score, and hurt your ability to get credit when you need it.
Let your car be your credit
But what a lot of people also don’t know is that their car can be a great source of credit. A car title loan can even improve, not lower, your credit rating, and y’uh-huh, it’s true, still get you that vacation. If you own your own car, and it is less than eight years old, you can use it as collateral against a car title loan to get you some of the fine things in life you may have been missing out on.
Or, if you have a maxed out credit card that you just cannot seem to pay off, use the cash value of your vehicle to get a loan and pay it down. Poof! Instant better credit because you have paid off that debt-and instant better chances for more credit later.
What about downright bad credit?
Especially if you have bad credit, or a poor credit history, or even if you have declared bankruptcy recently, your car can be used to secure a loan for the things you need. You can use the loan to pay down some of those debts, or help to re-establish your credit history, or improve your credit rating. Or, maybe, your car needs work, but you just don’t seem to have the cash to pay for repairs right now.
Use your car to fix your car
Still another thing a lot of people don’t know about car title loans-they can be used to repair your vehicle. So, if you have had to worry about not making it to work in the morning because your car might not start? Worry no more. Get a car title loan, and use the money to get that car back on the road, your credit back into shape, and you, back in the driver’s seat of your life.
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.
Canadian Credit Card Debt Not Improving
According to recent polls, Canadians are not successfully managing credit card debt. In the past, Canadians were known for resisting credit card temptation, so what’s changed? Simply put, the world has changed and an economic crisis is forcing Canadians to turn to credit cards for help.
The problem with relying upon credit cards in order to purchase items, pay bills, and live a normal life is that credit card interest rates are enormously high. In addition, when bill payments are not made (as is the case for most Canadians), interest rates simply climb higher.
There are some ways to get rid of credit card debt including tracking spending, putting credit cards away, and cancelling cards that have high interest rates, but none of these methods will get rid of debt right away.
Aside from these tactics, there is another option that many Canadians are finding appealing: private loans. When you obtain a loan through a private lender, you can pay off your credit card debt in one shot. Since the money for a private loan is deposited into your bank account right away, you don’t have to wait for any additional funds to reach you.
Thus, you can simply transfer the private funds that you obtain straight to your credit card company. The result is a paid-off credit card. But, how are private loans gained? This process is simpler than you may think.
When applying for a private loan online, some lenders will let you know whether or not you will be approved in minutes. If your loan is a secured loan, such as a car title loan, all you need to have is an owned vehicle or mobile home, and proof of steady income. Your credit history does not matter in this case, and you don’t have to wait for months or weeks for your money.
A life without credit card debt is possible, and it’s also within your reach. It’s easy to fall into credit card traps, but getting out of those traps often proves to be difficult. If you find that you cannot seem to pay off those cards, don’t become stressed out.
Instead, opt for a private loan that will help you gain the money you need in order to get your life back on track. Even though more Canadians now are battling credit card debt than ever before, there is a way to get out of credit card debt for good.
Minimum Payments and Debt
Many people only pay the minimum credit card balance on a monthly basis. While this minimum amount may seem insignificant, the truth is that paying a small amount can really cost you a lot of money. Why?
When you add the interest rate of your credit card to the minimum monthly payment, you are really paying far more than that small amount. The best course of action if you can’t afford to pay off your card completely each month, is to pay a little more than the amount due. For example, paying $50 instead of the $40 that is due will help you to pay off your entire balance sooner.
But, what if you can’t pay any more than the minimum amount due? After all, trying to pay any monthly bill often results in struggle if you have lots of bills. In this case, there’s no point in simply making minimum payments.
Likewise, skipping payments in order to free-up extra funds is not a good idea. While you may not care that you miss a payment or two, your credit report will be greatly, and negatively, impacted as a result. What can be done about this type of dire situation?
Applying for a debt consolidation loan is an ideal way to pay off a large chunk of your credit cards once and for all. Even if you already have bad credit, you can still consolidate your debt by applying for a secured loan such as a car title loan. These loans are easy to attain, they won’t cause you a lot of grief, and you can pay them back quickly. Many private lenders offer flexible repayment plans that enable you to make payments to suit your budget. The best part is that when comparing a personal loan to the amount of interest that you will pay by making minimum payments, a personal loan won’t cost you as much money.
Many personal lenders will allow you to apply for this type of loan online. In addition, these loans are often granted regardless of your credit history. This means that you can get the money you need to pay your bills without worrying about your application being denied due to bad credit.
Once you have paid off a large percentage of your credit card bill, you can then get back on track by making more than the minimum monthly payment. Far too many people wind up paying thousands of dollars more to credit card companies than they actually have to.
On average, it will take nearly 20 years to pay off a credit card balance of $5,000 at a 14% APR if you only pay the minimum monthly amount. While it probably only took you a few months to spend $5,000, you’ll be paying for it for many years to come. Unless, of course, you take action against those credit card payments right away.
A debt consolidation loan is a great way to bridge the gap between making minimum payments, and paying off your debts for good. Clearly, paying your credit company small amounts each month is not worth your hard-earned money. Make sure to clear up your debts as quickly as you can by paying more than the minimum amount, and by applying for a loan that will help you get rid of those pesky payments.