credit repair
by mitchell lee
Credit repair can be a time consuming and ongoing time consuming task mentally.There are numerous credit consolidation companies out there,butthat usually involves giving up credit card privileges for some time.Howeverif you can do without there benefits for awhile, it might be worth your while topay with cash,just to get the card companies off your back.Although these consolidation companies are going to charge a fee,it will befinally left up to you to decide whether the time, interest and bottom line benefitwill be worth it.One thing I have never heard of is repossession through credit card companies.They would rather write you off and plaster your credit rating for 7 or 8 years.Bankruptcy these days is still an option,but as I understand it. It is after you have exhausted all other options.It is not as easy as it used to be.You willstill have to wind up paying attorneys fees.Ironically, they will work on a payment basis.Credit repair after bankruptcy usually takes care of itself within three years,because by this time you have accepted two or three cards with higher thanusual interest rates,which the card companies are all to willing to bombard you with right after your filing goes through.As long as you dont go overboard and keep the payments in line you will begin to build reasonable credit.Most government loan programs do not discriminate against a bankruptcyvictim,although the paper work is much thicker than a ordinary lender.Theinterest rates are sometimes a lot better,because the government is backingthe ordinary lending institutions in the first place.Budgeting,discipline and the willingness to bite the bone,so to speak are someof the daunting tasks involved in repairing ones credit.
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