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A big pitfall that a lot of individuals are falling in when they are trying to pay off their outstanding debt is to borrow money from various sources. A lot of people will borrow against their retirement fund or 401K plan in order to pay off some of their debt. You should be cautious when doing this because you may end up short changing yourself come retirement fund. It is not usually a good idea to borrow from cash advance places to pay off debt as this can become a habit and get you further in the hole

Posted April 16, 2008 Comments(0)

If you have bad credit and are paying for an auto loan with a ridiculous APR (like 21%) to make up for a horrible credit score don’t give up hope! Once you have paid on time for 3-6 months then you can start shopping for auto loan options. Banks will see that you are paying your dues on time and might offer you a loan with the same payment with less APR. A better way to go is to submit one free application online to one of the many sites that find loans for people with bad credit. You should have proof of working for the past 6 months and a credit score of at least 525 that has been that way for 6 months consistently.

Posted April 7, 2008 Comments(0)