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How Credit Counselors Can Damage Your FICO Credit Score! (Page 1 of 2)
Credit Counselors and Debt Consolidators are dominating the Internet, newspapers, magazines, radio, and television with ads promising to give you a miracle cure for your poor credit history and your poor FICO credit rating. This appears to be great news. Let’s see if it really is good news.
Of course there are some credit counseling agencies and debt consolidators that can actually help get people out of debt. But there are many such services run by con artists who are after your money, money you probably can’t really afford to spend. And, sadly, they have no intention of helping you.
There are trustworthy companies and shady companies among the hundreds of credit counselors and debt consolidators, and, good or bad, all appeal to your emotional distress to get out of debt. Let’s consider the differences.
The Best Credit Counselors.
These services will actually help you clean up your credit history while improving that all important FICO credit score. They will help you realize where you went wrong with your credit decisions and then devise a plan to start correcting your bad habits.
Once your spending is under control, they will help you create a budget so you can change your money management style and stay out of debt and live a more stable financial life.
The Debt Consolidation Shell Game.
These companies operate with a slightly different agenda and my advice is: You should only consolidate your debts when you have exhausted all other avenues. It’s true that debt consolidators also help you get out of debt, but they do so by making deals with your creditors to combine all of your obligations into one large loan with one monthly payment.
The pitch they make is deceiving. Yes, the payment on the consolidated loan will total less per month than the total of your current payments but, usually, the interest rate on the consolidated loan is high because you are high risk. This means you will end up paying back more in interest in the long run.
Again, avoid debt consolidation and, if you need outside help, go with a debt counseling service instead. They will monitor you and keep you from falling back into the habits that damaged your credit history in the first place. Consolidators, on the other hand, will only be concerned about you making your monthly payments on the new loan for which they collect a fee.
The ‘ Fix My Credit ‘ Crooks!
These crooks are obvious. Any ‘ fix your credit ‘ offer that claims they can magically erase your debt without you lifting a finger (except pay them) is a scam. Think about their claim. Creditors would have to forget you owe them money. Why would they do that? Some of these scams are designed to force you into bankruptcy. Sure, your debts will be gone but the record stays in your credit report for up to 10 years and your FICO credit score will plummet.
How do you find a reputable credit counseling company?
Procure quick lending by Payday loans no debit card
Financial deficiency is a common problem in UK. Many times, at the end of the month, people have to face problems if they need cash urgently. Hence, they have to go for payday loans to get the immediate help. As every time it is not good to avail the amount using debit card. So, payday loans no debit card can actually help you to get the loan without debit card when you find yourself in shortage of cash.
Payday loans no debit card are short term loan where no need of debit card and credit check while sanctioning the loan. These loans have a fast Online procedure. These loans help you to save your time and also save you from waiting in a queue. It is a quick and hassle free deal where even though you don’t possess a debit card is not a big problem.
UK Loan market is providing the better loan opportunities to the people. ‘Payday loan no debit card’ is also one of these best opportunities which make it easy to get the amount at the right time to cover the short term financial needs.
Payday loan no debit card is a suitable way to sort your financial crunch. We can get the following advantages from these loans-
- No hassle of flashing a debit card for availing the loan.
- No need of any needless proof furnishing.
- Can be availed without any security.
- Fast and easy approval process.
- Less documentary work and no need of faxing.
- No credit check process.
- Easily available with suitable rate of interest.
There is no restriction in use of loan amount but since, the loan amount is not big so these are taken for short term purpose such as immediate medical bill, repair of house or car, enjoying the holidays or unexpected travel expense.
These loans are unsecured by nature. These are assumed as the best approach to avail quick amount without putting any property against the loan amount. If anybody wants to avail these loans he should be eighteen years old and should be a citizen of UK. These loans also ask for a proof of permanent monthly income. The applicant should also have a valid bank account.
Due to the advancement of information technology, these loans can be applied for through Internet. Whole application process can be performed without any hassles through Internet alone. Application forms are available on Internet which you need to fill with required details. Once the application has been approved, the amount will transferred directly into your bank account.
Simply, Payday loans no debit card can enable you to get the loan without debit card. So, the people who have a dreadful need of a loan and need to borrow the money quickly can acquire the help through them.