The only thing that is worse than
having bad credit is having no credit.
Establishing a credit history is
difficult, and establishing positive credit can be 10 times more
difficult than establishing bad credit.
It is easy to be manipulated into a
contract that you think you can handle, for example with a two year cell
phone contract. However, at any point in your contract the rates can increase
dramatically... and you are trapped. The only way out of a cell phone contract
is to pay an outrageous penalty fee. While your credit will be affected simply
by needing to back out of a contract, it will be affected even worse if you are
unable to pay the fee. A huge bill will be racked up in your name, and it's not
your fault. You're a victim,
Cell phones target people with a
bait and hook method. When you commit to a contract, you are rewarded with a
lot of 'free' things that in the long run will cost you more than they are
worth. Once your rate plan increases (with or without advance warning), if you
are unable to keep up with the new monthly bill, you will end up with a
negative credit report.
Cell phone contracts are just one of
the many examples of how easy it is to develop bad credit. Credit problems are
all too common, and there are many lending sources that attempt to prey on
those with credit problems.
When you have a financial problem
that requires financial assistance, having bad credit makes you vulnerable to
lending sources that specialize in 'bad credit loans'. Most of these
loan options are another dangerous financial risk.
When you need a loan source, you
shouldn't have to settle for one that will make you pay an arm and a leg and
your first born son just to get the financial relief you need now. If the need
for emergency funds is urgent enough that you need a loan, there are better
options than a 'bad credit loan'.
The safest option for somebody with
credit problems is a cash advance. A cash advance is the most affordable
solution because the cash advance rates are much lower than what you would
spend for a special 'bad credit loan'.
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