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This article is a guest post by UK money writer Les Mitchell, who regularly writes about finance topics across the web.
The world is connected like never before and decisions still haunt us years after being made. The resultant effect on credit rating means that you are only entitled to credit cards aimed at those with bad credit. A bad credit card has a high interest rate, excessive late fees, yearly fees and fees, fees and more fees.
Bad credit credit cards are designed to help you to rebuild your credit rating. A small amount of debt that is handled responsibly is the best way to go about proving that you can handle debt.
If your credit rating has been damaged, it is important that you know which cards may help you to rebuild your score. The best deals are for those with an excellent credit score, so it is often only credit cards for bad credit that will be on offer.
The best way to compare the options available to you would be to use a comparison website such as money supermarket, which will give you a number of options.
Once you have selected that card that you feel most suited to your circumstances, make your application. Do not be tempted to apply for as many cards as possible in the hope that one company will accept you.
Multiple applications have a detrimental effect on your credit rating, as companies assume that you are desperate and they will be less willing to take on the risk.
You should be aware that a bad credit credit card will come with a lower credit limit and a high APR. The lower limit will encourage you to keep within sensible spending limits.
The higher interest rate will only be payable on the outstanding balance, so pay the card off in full each month and you will not get stung by the high interest rate.
It is also important that you are keeping in control of your other finances. Maintaining a good record with one card company will not be good for your overall credit score if you are failing to keep your other financial commitments.
Seeking debt advice from a professional debt advisor could be of use, particularly if you are finding it difficult to organise a reasonable budget. Although this often costs money, you could find that the money you save in the long run more than covers the initial outlay.
Bankruptcy is the final option for someone who is struggling and can find no other option. This really is a last resort step and should only be considered if all other options have failed. Bankruptcy will have a long- reaching effect on your ability to get future credit.
Once you have established a workable budget, do not be afraid to use your credit card. The important thing to remember is that you should only spend that which you can pay off in full each month. That way, you will be proving you can be responsible and you are not actually increasing your debt month on month.
A good way to avoid temptation is to keep your credit card at home and not in your wallet or purse. This can dramatically reduce the chances of impulse buying something that you do not actually need.
Ask yourself if you can afford the item you are thinking of buying. If the honest answer is yes, then ask yourself if you need the item. If the answer to this second question is also yes, only then should you consider using your credit card to buy it.
Damage to your credit rating can take months, or even years, to repair. It is important that you are patient, as there is no easy way of speeding up the process.
A credit card for bad credit can be a very useful tool in both improving the way in which you think about spending and in rebuilding your credit when the damage has already been done.
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From August 1 to September 2, my net worth increased an average of $30.72 per day, or $952.42 overall, to -$34,000.94. This is a 2.80% increase, and results in a projected zero net worth on 5/29/2014.
Things and stuff of note
Sadly, my snowball was only about $200 this month, thanks to my finally paying for things such as my train tickets to and from FINCON, and my federal taxes. Rather than the usual split, it’s all going to dear Mother and no extra on the scooter.
I am currently exactly $400/mo behind on my 33% payoff goal for this year. Why? I wasn’t paying attention to that particular goal, that’s why. Of all things.
My magic number has gone up $11 to $1,162.37.
Everything’s sort of flat in a blah sort of way.
Everything’s sort of blah in a flat sort of way.
If you meet a buddha, kill the buddha.
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Go full screen and HD, otherwise you won’t be able to see a darn thing.
The built-in Goal Seek function is a handy way to quickly find particular numbers in your financial spreadsheets. Or any spreadsheets, for that matter! In this example, we’re using it to determine the minimum monthly payment amount needed to reach a debt payoff goal. It could also be used similarly for savings and investment goals.
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Oh hey guys!
I’m gonna make this real quick, because apparently the world is ending. Anyway. I really want to get back to incorporating videos in to this blog, as I tried before, but the magic question of the day is…. what would you want to see? I don’t want to go through a bunch of effort on videos that I think are cool, but all of you readers find boring. Whiteboardy stuff? Regular old vlogging? Help me out. Help me, help you (or just amuse you).
Thaaaanks!
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This article is a guest post by UK money writer Les Mitchell, who regularly writes about finance topics across the web.
It’s quite the blow when you’re laid off from your job, especially when you’ve spent so many years investing in retirement. Generally speaking, if you’ve been enrolled in a 401 (k) plan, the company’s contribution plan, or any other type of profit sharing, you may be entitled to a lump sum amount when you leave the company for whatever reason.
Taking the lump sum distribution will probably mean losing money to penalties and other early withdrawal fees, but you can always reinvest that money in another company account when you find your next job. If you have what’s known as a defined benefit plan, this is a fixed plan that can only begin at retirement age. Withdrawing money before retirement age is difficult, if not impossible. With this type of plan, depending on your age, you may feel forced into early retirement. If you’re given an advance notice of the layoff, check with your employer regarding early retirement, 401 (k) payouts and any other options to better prepare you for the job loss.
Most people decide to maintain their 401 (k) by rolling it over into an IRA (individual retirement account) or having it transferred to a new job. In a bad economic climate, you may consider leaving the funds where they are, with your old employer. Start looking for other types of investments as soon as possible. You can avoid early withdrawal penalties and taxes by depositing the funds into a qualified retirement account. With this option, however, you will have to wait until tax season to recover the lost amounts. This is why it’s more convenient to roll the funds directly over into a new qualified retirement plan or IRA.
Work on reducing your personal expenses to ensure that your retirement funds will go a long way. If you have credit card debt, reduce it by doubling up on payments if possible. If funds are too tight, consider a balance transfer. You can compare credit cards for balance transfers at moneysupermarket or other comparison sites to shop for the right percentage rate.
For those with a mortgage, pay it down as quickly as possible. If you are still young, were laid off and cashed out your 401 (k) before moving on to another company, consider using that money to pay off your home loan. You can always rebuild your retirement account and owning your home free and clear is an investment in itself. But remember, It’s always a safer bet to keep funds in your IRA or 401 (k) without withdrawing early. Apply for work elsewhere and move on, but allow that money to grow.
No matter what, keep an eye out for new opportunities. Take some time off work if you can afford it and reassess your goals. Consider a career change or self-employment. Invest in commodities to boost your retirement account. Your company may even provide money for tuition on top of severance pay, so take advantage of it whenever available. Many people who are laid off have been able to complete college degrees or study for another trade by taking advantage of opportunities that have come up after a layoff.
Stay positive and don’t think that losing your job is the end of the world.
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