Debt and financial issues can be a major cause of disharmony in marriages. This is especially true in Lake County and Porter County Indiana. These counties have experienced a downturn in several types of industries due to the difficult economic climate. Thus, debt load is high. And bankruptcies and divorces are increasing. The following ideas and solutions may be helpful:
There is good news when it comes to resolving debt issues and the consequences of bankruptcy. In fact, there are several methods available to repair your credit following debt accumulation, delinquency and/or bankruptcy. In fact, it’s important to know that your credit life does not have to not come to an end following serious debt delinquency or bankruptcy. Check out some of the ways that you can repair your credit!
Secured Credit Card: People with little, no or bad credit can establish a line of credit by placing a certain amount of money into a secured savings account which is designed to match your credit line. In other words, your credit line will match the amount of money you place into the savings account. This type of account does not allow you to withdraw the money you deposit unless you choose to close the account or reduce your credit line. Yet, you can use the secured card to make purchases which will help you to establish credit. Credit is established once you make payments to the secured credit card company following purchases. Both Visa and MasterCard have secured credit card options available. The banks associated with such cards include: Capitol One, HSBC, and Bank of America.
Unsecured Card: The next step is to acquire an unsecured credit card. There are numerous lenders available that provide unsecured cards to people with poor credit histories. These lenders include: First Premier Bank and HSBC/Orchard Bank.
Department Store Credit Cards: Once an unsecured credit card is obtained, department store credit cards can be a great way to further increase your level of credit worthiness. The types of department stories that are most likely to offer credit cards for people with poor credit histories include: furniture stores and discount stores like Target.
Secured Bank Loan: A secured bank loan is another method for leveraging your credit worthiness. This involves obtaining a personal loan that is secured by a savings account (much like a secured credit card).
Car Loan: There are car dealers who have contacts with finance companies that finance cars for those who have poor credit histories.
Home Loan: Once you have secured a car loan and a year after you have eliminated your debt, you are likely to qualify for a home loan. FHA (Fist Time Home Buyers) and VA (Veterans Administration) offer the best interest rates for home buying, but there are numerous lenders that offer home loans. You may also choose to investigate bank loans.
If you are in need of a lawyer, contact Burton Padove at 219-836-2200.