Robert Powell Special to USA TODAY Published 11:43 p.m. UTC Jul 18, 2018 Question: I’m 64. My credit score is about 656. For different reasons over a long period of time — including unemployment and health issues — I accumulated credit card debt of about $50,000. I intend to take out an unsecured personal loan, but I don’t want it to have a negative impact on my credit score. I have a job now and I will pay my monthly payments on time. But what will happen if I cannot continue my payments to the lender? If I should file for bankruptcy, which is worse: defaulting on credit card debt or an unsecured personal loan? If I try to negotiate a reduction of my debt with the creditors, do you think this procedure will be successful and not take too long? And what is a nonprofit debt relief company/agency, and how could they help me? Bottom line: What strategy would you implement to resolve the debt problem if you were in my … [Read more...] about How do I get out of $50,000 in credit card debt: personal loan or repayment plan?
Unsecured bad credit credit cards
Photo: Elise Amendola Image 1of/1 CaptionClose Image 1 of 1 In this March 5, 2012 file photo, consumer credit cards are posed in North Andover, Mass. A new law set to take effect Sunday, July 1, 2018, will prohibit consumer credit reporting agencies from charging Georgia residents to freeze their credit report. Placing a freeze on your credit is a security measure that can be used to combat identity theft. It essentially prevents creditors from obtaining your credit report, making it nearly impossible to open a new account. Credit reporting agencies were previously allowed to charge a fee of up to $3 to freeze or unfreeze a report. (AP Photo/Elise Amendola, File) less In this March 5, 2012 file photo, consumer credit cards are posed in North Andover, Mass. A new law set to take effect Sunday, July 1, 2018, will prohibit consumer credit reporting agencies from charging ... more Photo: Elise Amendola … [Read more...] about Millennials, here’s how to get first credit card
Susan Tompor Detroit Free Press Published 11:00 p.m. UTC Jun 28, 2018 The Uber Visa, launched last fall, may target on-the-go millennials with amazing rewards, such as 4 percent for eating out and 3 percent on airfare. But the odd thing, as with many high-reward credit cards, is that getting approved for one of these Barclays Uber cards isn't a slam dunk for some Generation Y consumers. Many millennials might have the college degree and the new job, but they're held back from some of the more lucrative rewards cards in some cases because they were too cautious about handling credit in college. Yes, really. One young teacher recently shared her credit card rejection letter with me. The reasons were listed: Too few accounts with sufficient satisfactory performance. Insufficient number of credit cards with your credit report. Insufficient credit history on your credit report. Low credit limits on installment trade(s) on your credit … [Read more...] about How to get a credit card when you’ve never had one
Ever wonder what a bad credit score costs you? No need to wonder anymore. The editors at Credit.com have created a new online tool -- the Lifetime Cost of Debt Calculator -- that tells you in dollars and cents. To be specific, a 30-year-old with poor credit is likely to pay a quarter-million dollars more in interest payments over her lifetime (assuming an $18,000 car loan, $5,000 in credit card debts and a $400,000 mortgage) than a similar person with a pristine score. If your credit is good, but not excellent, you'll pay about $30,000 more over your lifetime than that individual with excellent credit, according to the calculator. "It's easy to underestimate how much a credit score can cost -- or save -- you over a lifetime of borrowing," said Gerri Detweiler, director of consumer education at Credit.com. "Most people understand that it affects their ability to get a car loan or rent an apartment, but they underestimate how much their credit affects how much they pay in interest." … [Read more...] about An easy way to figure the cost of bad credit
By Gerri Detweiler/Credit.com Tracy M. (he asked we not share his full name) is rebuilding his credit for the second time. It's a long haul but despite numerous obstacles -- including six-figure student loan debt that has tripled due to fees and interest -- he's not giving up. His experience with credit started in college when a furniture store offered his a credit line of about $1,800, which he says he maxed out with his first purchase. He made his payments on time, and when he paid the balance off, he was inundated with offers for credit cards. He accepted those he thought had reasonable interest rates (between 9 percent and 14 percent at the time). When he relocated to the West Coast to go to graduate school full time, he says he basically lived on those cards and student loan disbursements, and graduated "swimming in debt," he said. "In the beginning you think to yourself, 'The money I'll make when I graduate will be plenty to pay the student loan'." But not long after he left … [Read more...] about How I’m rebuilding my credit after bankruptcy