Single Moms Recovery From Bad Credit
There is a public perception that having bad credit means you are an irresponsible bad person. For single mothers this boils down to the impact of their circumstances in life. Regardless of circumstances single moms have to start building credit to gain the purchasing power to buy cars, homes and a comfortable lifestyle.
Being a single mother is a juggling act, but loans for single moms with bad credit are available. Care has to be taken that wherever the money comes from its acquisition must be weighed against the future. There are loans and grants available to pay the electric bill or the car repair bill. Although these are helpful, rarely will you find temporary relief for important things like diapers and other essentials. Again, when the emergency arises, the best thing to do is weigh your options and make an informed decision.
Car Loans
Fortunately, getting a car loan is very easy nowadays if you have bad credit or no credit. However, the auto industry is struggling and many American companies are willing to overlook bad credit just to get a car off the lot. The price you pay is a high interest rate loan. The cost of the car may be far more than it is actually worth. However, if you need transportation and think your situation is temporary, buy the car and refinance the loan later with a better rate. However, it is better to get a cheap reliable car, then get in over your head and lose out on the chance to improve your credit.
Housing Assistance and Repair
The Department of Housing and Urban Development offers loans to help with buying a house, and also covers major repairs like roofing, plumbing and general maintenance. They work with all types of buyers with poor credit, delinquencies and low-income. If the emergency is a home repair this is the best place for single moms with bad credit to get loans. Granted it may not be easy but you have to persevere.
Payday Loans
Generally these loans should be your last option because they are the worse. The interest rate can climb as high as 1800 percent of the original loan. And late fees apply to missed payments as well. These types of loans should be avoided at all cost. However, they remain a popular alternative because they do not require credit checks. If an emergency requires a payday loan, be aware that missing payments rack up substantial fees and the repayment may equal two to three times the original amount when all is said and done.
How does this brief article help you if youre strapped for cash and have run out of options? Regardless of your current situation you must keep an eye on the future. Dont get yourself into a financial jam if youre already in a financial jam. Remember, if you havent got the money, dont write the check. If you have to borrow, it becomes more difficult to pay it back, because you were strapped before you borrowed. Learn to crawl before you walk. Sacrifice a couple of years beginning today and your tomorrow will be brighter than you ever imagined.
Joel Williams has written several books and articles for single moms. Check out his website at http://singlemomachievers.com/assistance for information, resourceful articles, parenting tools and audios plus methods you can use to become the Mom you intended to be from the start. There is a FREE report to help you get started, "Your 7 Day Personal Program For Taking Back Control Of Your Life As A Single Mom! "
