How To Pick Yourself Up After Your Credit Stumble?

We all know and agree today's economy is not exactly in "high gear"

, with government reassurance, and positive media influence we still can't ignore the fact unemployment rate is high, and economic growth is near zero. And many of Canadians are fallen behind on their bills. With the upcoming tax structure, and over inflated real estate market, we maybe in for a real shock as 2010 rolls along. It is no surprise many Canadians today, some one as you or me, the working class are trying to keep head above the water in the sea of debt. And so many of us has fallen victim to bad credit score. It's more important than ever to understand the topic of bad credit repair, gain valuable bad credit survival skills.

Credit is important measuring factor for an individual, it can affect you in many ways from a simple bank account to what interest rate you will be subjected to when taking on a loan. Those of us that are fortunately enough to have good credit ratings may enjoy low interest rates as low as 4%, to someone with bad credit history will be facing a punishing rate of 29%. Not all hopes are lost when you are getting a car loan with 29% interest attached to it. Try to think of the situation as risk management. If you need to borrow $10,000 to open a business, and you know that business will generate income far beyond your interest and payments. Would you? What if it's not a business but an everyday necessity such as a car, if that is the tool you need to get to work and make money to feed the family. Would you consider taking a loan at high interest rate? The answer to that depends on you! No one can tell you how important something is to you, but with good re-payment after 12 month, you can renegotiate your interest rate with your lender.

It is like the honor's system where you have gain the lender's trust in able to lower interest rate over time. So in conclusion if having a vehicle is a necessity to you, then don't get caught up with the high interest rate, because it is hard enough for you to find a lender in the first place. Prepare yourself, and plan well, with good re-payment you will be able to lower the rate in 12 month or less.

by: Rick Li

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