This article thinks so, if you are American anyway.
Yeah, so the folks who were surveyed got those answers wrong. That doesn't make us all idiots, right? Well, the next stat is more telling...About 67% of those surveyed incorrectly said that age is used in calculating credit scores, and a majority of those surveyed didn’t know that a landlord or a cell phone company may consider applicants' numbers in deciding whether to offer housing or service and at what price.
Disclaimer: I've never used a payday loan. That's right, I'm going to opine about something I've never used. However, I think it's okay in this case because loan terms are something that are fairly transparent so one can see the pros and cons without actually trying.
Disclaimers aside, I think these types of quick loans have their place but should only be used when absolutely necessary. If you are using them and not in bad shape financially, then odds are you are simply not managing
In the modern world we are used to getting things fast and even "now" in a lot of cases. Credit Repair is one of those things that takes time though, so go in prepared for patience.
People usually start looking into repairing their credit when they apply for a loan of some sort and get denied, and are told that they need to improve their credit. So there is an immediate desire to have higher credit scores because the person wants to use the new credit now, not later.
Something I think can make a big difference to a person's or family's financial health is their decisions on what to buy now with credit versus what to save for and pay cash.
The easiest trap to fall into is buying small ticket items with credit cards (think clothes, entertainment, small electronics or anything else less than $1,000 that you might buy on a credit card). It is easy for us to make lots of small purchases and not realize how quickly all the small amounts add up to
A friend of mine has complained for a couple of years about being "broke", even though he and his wife make over $200k a year between them. So I've shared a few tips found on this site (thanks everyone!) with him, and they've been cutting down on their debt this past year.
I asked him the other day how things were going, and was thrilled to hear they have paid off a couple of credit cards and will pay off a couple more by next year. However, he still complains that they
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