Many Americans carry a great deal of debt. Most is "good debt" that is, long term debt designed to provide for goods whose immediate purchase price is beyond that of most consumers. Examples include homes, cars and college education.
However, many Americans also carry "bad debt" such short term loans and credit card balances. Bad debt can and will immediately affect a person's credit score if it is held too long, at maximum availability and is not paid completely in a timely fashion.
Typically, a consumer will find themselves using credit cards to make impulse purchases, to pay bills they do not have the cash funds on hand for and to finance luxuries beyond their means such as vacations. When the credit card bills come due, they either pay the minimum payment, pay less than is due, or miss the payment all together.
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When this happens, the credit card company reports the late or missed payment to the credit reporting bureaus and the consumers credit rating slips to a lower score. At this point, the consumer may have a hard time getting a auto or home loan, or finds their credit card maximum available credit is reduced.
For some of these consumers, when payments and bills are due and money is tight, they find themselves drawn to "bad credit loans". These types of loans appear attractive. They offer money within 24 hours directly deposited into the consumer's bank account. They offer high dollar amounts, generally more than the consumer could get from a bank or credit union. And bad credit loans often come with long term payment plans based upon a customer's pay schedule.
However bad credit loans serve a purpose which may not benefit the consumer. The interest rates are high; three digit annual interest rates are not unheard of. The payment terms are strict and missing a payment results in collections and immediate payoff of the loan. The loan generally will not benefit the customer's credit report, but failure to pay will be reported to the credit reporting bureaus.
Bad credit loans are the last resort of a consumer in poor financial straights. The solution is to stay out of debt. If in debt, take action now to get out of debt by the fastest possible means.
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