Have you ever had one of those months when life flips you the bird and seems to be crapping on you?
Your boss is a pain and didn’t give you your bonus, your car decided that it wanted to go into the shop for repairs that aren’t covered under the warranty and you wind up falling off a ladder when you’re cleaning your gutters and have to go to the hospital. Thankfully, you only have a broken foot, but how much did those x-rays set you back?
Yup, a crappy month to be sure.
This is about the time that you start thinking your credit cards will have to wait because you need to get your car repairs paid for or you can’t get to work. When this kind of bad luck happens you might find that it’s really tough to pay your regular bills on time and your credit score and financial situation seems to be unsteady.
Life isn’t always rosy, but you can take some steps to get back on track – even if you don’t have any savings or cushion!
That’s right, even if you don’t have the recommended “emergency fund”, you can still get out of your tough financial situation without being hurt too badly.
Right about now, you might be one of the many that are feeling badly about life. It might feel as if you’re going to be stuck in tough financial straits forever and you’re all alone in your situation right now but you need to know that you’re not alone. In fact, some of the wealthiest people in the world have suffered financial problems!!!
In some cases, you might even be able to make your credit score better than it was before, but you have to know how to turn things around to work for you.
#1: First things first: call your creditors as soon as you realize you might have a problem. As soon as your car takes a crap on you – call your creditors. Why? You might have the option of “skipping” a month of payment as long as you’re in good standing with your creditors. Same thing goes for loans such as your mortgage and car loan. Yes this really is possible and I have helped
We all know that credit card debt sucks. We all know that we get charged interest when we miss our credit card payments. We know that even the perfect credit card can hurt us when not used properly.
There’s just something that we weren’t told about credit card debt. What is this?
Credit card debt is more emotional than logical. Nobody plans on getting into credit card debt when they fill out their forms. We just don’t think about it and somehow end up owing money.
I wanted to start off by sharing a reader question that I responded to the other day. I love to respond to reader emails because I believe in building a legacy and helping out as many people as one dude possibly can. Long time reader Kellee wrote in:
I love questions like this because it’s a perfectly logical question to ask. Kellee is clearly making intelligent choices and on the right track to financial success in her 20s. What’s the answer to her question? I suggested that she pay the debt off ASAP. The stress of owing money is just not worth it. If you ha
The basic qualifications to file bankruptcy again remain the same. U.S. citizens, army personnel serving over seas, and any person who owns property or does business within the U.S. may file bankruptcy. Chapter 7 imposes additional restrictions based on a previous case. You cannot re-file Chapter 7 within eight years of a prior Chapter 7 discharge, or within six years of a prior Chapter 13 discharge (unless unsecured creditors received at least 70% of their total debt), or if a prior case was dismissed with prejudice within the last 180 days.
The means test poses the greatest hurdle if filing Chapter 7 again, and determines the amount of the monthly payment owed to a Chapter 13 trustee.
The means test became effective in late 2005. Since that time, all people who file bankruptcy under either Chapter 7 or Chapter 13 must take the test. In theory, the test measures monthly disposable income for each debtor. The calculation starts with total income, subtracts expenses, to find disposable income (Accountants call this discretionary income). Full Post…
When a borrower is denied grants by federal or state government or one of its agencies or is unable to get loans or financial assistance from the banks or other lenders, the prime reason for such occurrence is that the consumer has bad credit score. Not only the banks but government agencies and private lenders also take a close look at the credit report and FICO or Vantage scores of the prospective consumer before granting financial benefits or credits.
It is therefore important for any prospective borrower to know about his or her credit standings and that is possible when the consumer goes through his or her credit reports. Full Post…
— Christopher Espinoza @ 7:59 pm — 
October 29, 2011