Surefire ways to create money and credit problems. If you plan to get denied for a loan or mortgage the following plan will work great for you.
1. Go ahead, charge those clothes, shoes and stuff that you can’t afford. After all, you worked hard all week and you deserve it, but you’re a little short on cash. You are short on cash every week but it’s such a good deal, and it’s only a total of $126.52. After all, you can pay that back in 6 months, well unless you use the card again for that unforseen medical bill of $225. There is no savings to fall back on. Now your card is up to $351.52, oh and the two late fees of $35. Guess that’s now $421.52.
Maybe when you get you income tax refund you can pay off the credit card. Maybe? Had you not purchased the clothes and worked out and interest free repayment plan with the medical bill, this debt could have been avoided.
2. Don’t shop around and pay full price whenever possible. Internet price shopping can save lots of $$$, but why bother. You want it now!
3. Transfer balances to 0% rate credit cards, then make the minimum payment.
4. Add balances that exceed apx 19% of your limit to credit cards.
5. Apply frequently for new credit.
6. Deal with finances….hmmmm…tomorrow.
7. Use Payday loans for emergency money. This is a cycle that is most difficult to break.
8. Pay credit cards with home equity. It’s best to work out a repayment plan to pay off credit cards and don’t attach your home’s equity.
9. Don’t save money after paying bills.
10. Get financial advice from friends.