Bad Credit?
I'm from the US and have bad credit. I'm unable to pay it at the moment due to my financial crisis. (My brother and I had to use several credit cards to pay bills when my father was hospitalized. Trust me, you don't think twice when your loved one is in critical condition.) If I were to move to another country, say Australia, would my bad credit follow me or would I start fresh? Keep in mind that I'm not trying to run away from my debt, but I do have the opportunity to attend college there to finally reach my educational and eventually my financial goals. Thanks and please no smart remarks.
Public Comments
- Once your debt, always your debt & YES it will follow you wherever you go. It will be under your Social Security number. If you are moving to Austrailia, I suggest you find a job & keep paying these people in installments. You should contact all your creditors & see what you can work out or...you can leave everything & nothing would happen except stay as bad credit. But it will still follow you no matter where you go.
- If you have limited assets bankruptcy may be your best option, the stigma of bankruptcy is not what it used to be and I know people that have filed and began receiving pre-approved credit cards (the rates were robbery). If you do decide to file, wait until everything is final then send a letter to all of the credit unions and have them attach an explanation to your file explaining the reasons as to why and how the debt was incurred . There are two chapters of bankruptcy, chapter 7 which gets rid of all debt and you can keep some assets such as a car (if you owe on it you still have to pay) $50,000 equity in your house (may be more now) and tools of your trade. The other is Chapter 13, Ch 13 allows you to re-organize your debt and most of your credit card debit is negotiated way down to around $0.10 to $0.15 per dollar, you pay a fixed amount to the court trustee for a fixed period of time (usually 3 years). Moving out of the country would not likely help you much unless you never came back to the US and even then these countries may have laws that would allow credit bureau's to find you and garnish (attach) your wages. Or when you come back they will find you by your SSI number and then with interest you will owe a heck of a lot more Some lenders view bankruptcy as a benefit because they know that there is no risk of you filing again for 7 years Hopefully your father has recovered, I lost my father 46 yrs ago when I was 13 and it still SUCKS
- Bad credit debt consolidation loans are quite popular with those with poor credit history. If your loan application is rejected by a lender, bad credit debt consolidation loans are there to help. If you want to repair your credit history by repaying a loan, which has simple terms and low monthly installments, again bad credit debt consolidation loans are for you. They save you after rejection and help you regain your financial credibility, so that you can again enter the mainstream credit market. Bad credit debt consolidation loans are of two types: 1. Secured bad credit debt consolidation loans: These types of bad credit debt consolidation loans are secured by a collateral usually some property or a guarantor. Since, the lenders find something to bank upon in case you default on payments, the interest rates on secured bad credit debt consolidation loans are cheaper, the lending amounts are higher and the repayment period can be long. 2. Unsecured bad credit debt consolidation loans: Persons who do not have anything to offer as the collateral or security, can take unsecured bad credit debt consolidation loans. The lenders find themselves at increasing level of risk while giving such loans. The existing bad credit situation and lack of a collateral, make them charge high interest rates and offer low loan amounts to offset the risk involved. But, a person who has a bad credit and cannot provide a collateral has little choice, but to take these high interest loans. At least by repaying these the borrower can rebuild his credit history. Read more about it at: http://www.squidoo.com/badcredit-credit-card
- It's too much risk, since if you don't pay, I'm afraid they'll go after your relative... bad option. Try to consolidate your bills, and go to college, it'll give you the opportunity to find a good job. Good luck !
- Bad credit is one of the worst problems to have... however there exists a solution. I will hereby talk from my personal experience. I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details, if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first, a good place to start in my humble opinion is a straight to the point ebook with question and answer I found : http://umgarticles.atspace.com/debt-consolidation.htm if it helps kindly remember me in your voting!.. cheers!
- Yes it will follow you..its like a thumbprint on your credit report. You will always own it.
* Some answers may have been provided by Yahoo! Answers.