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Debt Consolidation - Bill Consolidation
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Special Consumer Section
Warning!
Credit Cards |
Payday Loans
| Car Title Loans | Home Equity Loans
In recent years there has been a proliferation of advertisements promoting long and short term
financing to people with less than perfect credit. Mortgage and finance
companies, credit card companies, even pawn shop & check cashing
services have jumped into the act. While the temptation may be great to
avail oneself of these services, you should approach with caution as there
are many pitfalls and traps involved with these kinds of financial
arrangements.
Each offer has it's own merits and each comes with risks. Before
jumping in, you should carefully assess your own financial situation: What
are you trying to accomplish? What are your long and short-term goals? The
following articles will give you some the basics needed to make an informed
decision and help you avoid a situation you may later regret.
Credit Cards
Secured or unsecured? That is the question. Do you have bad
credit? No credit? Bankruptcy? No problem! There's a credit card out there
with your name on it...one need only apply. In recent years credit card
companies have targeted the "sub-prime" consumer, those with a
history of credit problems, with a barrage of advertisements promoting
credit cards regardless of credit worthiness. There are all kinds of gimmicks used
to entice consumers into this type of arrangement. Some offers, like the
"Gold Card", are nothing more than a "credit card"
that allows you to buy merchandise from the sponsor's catalogue only, or
offers that requires you to call a 900 number to apply. Keep in mind, if
credit cards have been a problem for you in the past, are more credit
cards the answer? Read the following article and learn how to
recognize these schemes. Click Here
Payday Loans
Payday loans are small short-term loans usually a week or two made on
post-dated checks. You simply write a check payable to the finance company who
will advance you the face amount minus their fee. Interest rates and other fees
are usually high since those who make use of this service tend to be a
higher credit risk, and no collateral other than a post-dated check is used to
secure the loan. See related article for more information. Click
Here
Title Loans
Still in need of some quick cash? If your car has a clear title there are
finance companies that will loan you money with no credit check and no payments
for up to 30 days. Requirements: car, clear title, ID, payroll stubs and your
intent to pay back the loan. Caveat! There are many pitfalls involved in
this arrangement. Not only can the interest rates be high, you may
lose you car if you are late on your payments...even for 1 day! If you decide to
go this route make sure you read your agreement with the finance company and
that you can and will make your payments on time. Otherwise, you could forfeit
your only means of transportation. The following article based on Florida law
will highlight some of the pitfalls of this arrangement. Click
Here
Home Equity Loans
In need of a whole lot of cash? Home equity loans are big business.
Everywhere you go you see these ads- Loans up to 125% of the
value of your home. Warning! This type of loan is fraught with all
kinds of dangers. If you miss any payments you could lose
your home. Some unscrupulous lenders bank on you missing payments so they
can collect on this most valuable of assets! Before you consider
this kind of loan, read this insightful article and learn some
of the perils involved with this type of financing. Click
Here
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