Bad Credit Forum- Re: Best Way To Pay Down Debt and Raise Credit ScoreAlso be sure to check your credit report for errors. They really do happen. I had 2 entries for one credit card, for example, which made it look like I had more outstanding credit than I did. I disputed it, and it was quickly fixed. […]
- Re: Best Way To Pay Down Debt and Raise Credit ScoreThere is a decent article on credit card payoff strategies: http://www.over50web.net/finance/save-money-finance/credit-card-payoff-strategies/ The comments actually give some good information. Basically, you should pick a stategy that works well for you. That said, I do believe that paying off cards that are close to their limits will have a quicker impact o […]
- Re: Renting With Poor CreditAbsolutely, your best bet is to long for somebody who needs a room mate in their own home - if you need very cheap rent, there are older people who need some help around the house or transportation - and they may be willing to give you a big break on rent (or even free rent) in exchange for some services. Of course, you have to be responsible and do what you […]
- Re: Best Way To Pay Down Debt and Raise Credit Score
Category Archives: bankruptcy
Bankrupcy – 2009 One of the 7 Worst Years Ever
Bankruptcies Up 32% in 2009 Despite Tougher Laws
In spite of the tougher bankruptcy laws, 2009 saw a dramatic increase in bankruptcies. Apparently people were in enough financial distress so that the tougher laws did not scare them off. I just wish that the laws would also get much tougher on the credit industry. In this world, it is certainly debtor beware.
In fact every state saw an increase, though some that were hit hardest by the recession endured the highest portion of the 1.4 million US bankruptcies reported last year When interviewed, a common theme among filers was the fact that 3 years ago they never would have predicted they would be in this situation now.
Bankruptcy Relief with Today’s Laws
I just read an article on Womanwork.net about bankruptcy relief in the US, and have to agree with the – sort of cynical – outlook. The bankruptcy laws were changed a few years ago to make it much tougher, if not impossible, for Americans to declare personal bankruptcy. And yet, in the last few years, credit card companies have been allowed to be just as tricky and deceptive as ever with their ads and practices.
The article also makes a very good point about mortgages and bankruptcy. Note that a personal bankruptcy usually has little effect on a home loan or other secured debt. It may, however, free up money to keep the mortgage current.
