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Kareem Lewis
Member Since: 10/1/2018
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Kareem Lewis   My Press Releases

Fixing Your Credit With Loan Consolidation

Published on 12/18/2018
For additional information  Click Here

At a certain point in life, there can be a time when you believe that your credit can be at a crossroads. You tend to think this way because you know that your bills that have minimum payment requirements have not been met because you are constantly late paying them. This can happen from a person who has very limited income and the amount due for the minimum payment is too high. For instance, let's say that you have four credit cards that total $8000, and for each one, the minimum payment is $50. If you have an income of let's say only $650 a month, and you have to give each of these credit cards $50 a month, which comes out to be $200 a month, and leave you with only $450. This puts a big financial strain in your pocket. But, a even worse burden would be if you have to pay rent, food, car payment, car insurance, water, etc. How could you pay this?

We know for a fact that bill collectors do not care about how bad your finances are, they want their money or they can take legal action against you. A good thing that you can do is go to a loan company and see what they can do for you, and hope that their interest rate is not too high. In most cases, they will be able to help you. They will give you the rundown on how much their interest rate is and the options that you have. But, if you know that you are desperate, you will go ahead and get the loan consolidation because you can't afford to pay the bill collectors yourself anymore.

Once, you get the consolidated loan, you will feel a ton of relief and stress lifted off your shoulders. But, keep in mind that you have the responsibility to make the monthly payment each month, or your credit score will drop. You want to do your best to pay on time because your credit score matters. And while you are working, try to put a few bucks on the side in case something happens unexpectedly.

To conclude, the best thing to do is to wait a couple of years to reapply for another credit card. We can learn from our mistakes, and try to limit them for the future. 


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