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Do bad credits hinder your future?

By bluepanjeet on Mar 19, 2008 in *Ideas Meets Improvements

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I have a cousin whose story is larger than life. She studied in an Ivy League school, graduated with honors, landed in a good job, had a salary that was the envy of the whole family, and had so many credit cards in her wallet. Her credit balance skyrocketed 2 years ago due to poor priority of expenditures and careless spending. She went bankrupt. She really wanted to recover badly but she was not hired during job interviews or given an opportunity for a second chance, because her credit history was so bad that employers were afraid of hiring her.

But that was two years ago.

Bad credit history is sometimes considered by the workforce as the jinx of personal economy. It is precisely because of this bad credit that 66% of people with bad credit background cannot find jobs or 73% of them cannot acquire loans to pay their debts.

Some of the factors that can also hinder a person towards full recovery from debts are:

  • As of May of 2007, average interests rates was 13.46%
  • In 2006, there were 984 million bank-issued Visa and MasterCard credit card and debit card accounts in the U.S
  • In June 2007, total US consumer debt reached $2.46 Trillion compared to the 2006’s $2.398 Trillion debt.
  • 5% of the annual income of US families goes to credit card balance
  • $43,200 is the US median household income
  • Medical expenses contributes more to the credit balance of the 29% of low and middle income earners.

These facts are just part and parcel of the truth of the growing bad credits consumers everyday in the US, with causes ranging from poor financial management to low credit scores.

But is this really the end of the future for all bad credit consumers?

I think not since there are bad credit loans that gives bad credit consumers the chance to get back on their feet and start anew. This interesting website that I’m talking is a resource website for all consumers, allowing them to compare different bad credit offers from different major providers. They also give the consumers the chance to rebuild their tainted credit history by paying the amount due on time, thus creating a completely new slate of credit history. One important thing also about this site is that it actually enables consumers to check their own credit history to keep them on track of their debts and have the opportunity to ask for financial advice from their professional advisers.

My cousin once tried this type of bad credit loan firm and now, she is fully recovered just because help was extended by Bad Credit Offers which, no other loan firm can give.

See? Not all futures are hindered by bad credits.







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BluePanjeet Interactives 2007 This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 License










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