Lack of Sleep Caused by Money Worries - Can Bad Credit Loans Help?


Lack of sleep, irritability and loss of appetite can be signs of stress caused by money worries. In the current economic climate more and more people are suffering from these symptoms. Now for some of these people (probably the majority) bad credit loans are a way of alleviating these symptoms.

Some people would say that taking on more debt, especially in the form of a bad credit loan, is just going to add to the problem and not solve it. This is most certainly true if the loan is used to live off and just increases the monthly payments which are already causing problems.

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However if the loan is used to pay off all the existing debts, leaving just the payments for this loan to be met each month, the total monthly payments in all probability be lower so reducing the money worries. This type of loan is called a debt consolidation loan.

Another situation where bad credit loans are in fact worthwhile, is where the person applying for the loan has a bad credit score and the mainstream lenders are wary of lending even though the person is quite capable of making the payments. Taking out this type of loan and making the monthly repayments on time and paying off the loan without missing a payment will go some way to improving your credit score and history.

For some people though a bad credit loan is not the answer, as this would only increase the problems. If you are in this situation here are some steps you can take that will help.

1. Stop buying on credit (ie credit cards) and use cash for all purchases.

2. List all your debts with interest rates.

3. Look at ways to save a dollar a day (yes there are ways)

4. put this dollar aside

5. Then used these dollars to make a capital payment off the debt with the highest interest rate

6. make sure you pay all other interest / minimum payments on time.

7. when the first debt is paid off used the money from that repayment to start paying off the debt with the next highest interest rate.

8. repeat until all debts are paid.

By following the 8 steps above you will automatically feel better as you are making a positive step towards solving your problems and by the end you will have improved your bad credit rating significantly.

So in summary bad credit loans can be a good vehicle to help alleviate the problems caused by money worries, but are not necessarily right for everyone.


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