Bad Credit Loans - Get Relief from Debts Without a Loan
If you are like many Louisiana residents, you may be struggling with credit cards and other debts and in need of relief. It may be tempting for you to look to resolve your debt situation by taking out a personal loan, debt consolidation loan, or even a payday loan. But be very careful before moving forward with loans of these types. Especially if you have less than perfect credit, poor credit, or bad credit, these financial "rescue" loans often come with very high, even predatory, interest rates. For this reason, it's vital that you be fully informed regarding all of your debt relief options before taking out a loan that could cause your debt problem to go from bad to worse.
Bad Credit Loans - Be Careful Before Moving Forward
When a lender extends a bad credit loan offer or even a debt consolidation loan for those with poor or bad credit, be careful before making a decision to apply for, or accept, the offer. You could be looking at a high interest rate debt consolidation loan, personal loan, or even an outrageously high interest payday loan! Again, if you have bad credit and have the goal to get out of debt with a loan that comes with a sky-high interest rate, be cautious before moving forward.
Instead, if you are going through a financial hardship, or falling seriously behind on credit cards and other unsecured debts, it's a smart financial decision to explore all of your debt relief options, such as a debt management plan coordinated through a credit counselor or debt counselor, which may help you get debt relief without having to take out a loan. In the end, a debt resolution program could quite possibly lower your interest rates significantly and help you save money and relieve stress as well.
To see how you can get debt relief without taking on a personal loan, take a moment to answer a few simple questions online and receive your free debt relief analysis and savings estimate.
Avoid Bad Credit Loans, Get Relief and Save Money
If you are like many Louisiana residents who are going through a personal or financial hardship, you may be so stressed that you search for all your available options to ease your pain and solve your problem for the moment. However, it's important to realize that that no matter how difficult your situation may be, loans with bad or poor credit often can bury you even deeper in debt. Why? Because less than perfect credit loans often come with sky high interest rates that can quickly cause your burden of debt to escalate even further out of control.
Even when monthly loan payments that are being offered seem low and affordable, the terms of the bad credit loan or poor credit debt consolidation loan may be for such an extended period of time that you are actually paying more money than you could ever imagine to "get out of debt." It's a fact of financial life that one of the most profitable markets for lenders is the bad or poor credit category because lenders understand that people who are the most desperate for funds will be more likely to agree to higher interest rate loans. This is why offering bad credit loans is such a large industry. Just be careful before moving forward with high interest loans and recognize that lenders get rich via predatory interest rates that often takes advantage of one's poor financial situation.
State Programs for Low-Income Families
While debt relief programs and services help many Americans during times of extreme financial hardship, some people may also benefit from state-assisted programs and services to help them pay for life's essentials such as utility bills, grocery bills, or childcare. State-sponsored services generally include programs such as the Louisiana Family Independence Temporary Assistance Program (FITAP), Louisiana Head Start, and the Supplemental Nutrition Program or SNAP, among others. To find out more, go to the state's homepage Benefits section.
The bottom line: Louisiana residents are wise to avoid these types of loans, which can come with interest rates that could be considered predatory. Instead, take the time and attention necessary to build good spending and budgeting habits, pay down your high interest credit cards and you may want to strongly consider a debt management or credit counseling program to help you get off the debt treadmill and gain control of your finances. Whatever action you take as a consumer to improve your financial picture, know that good people all over the country are faced with high credit card debts. Rather than be filled with feels of guilt or regret, know that the first step you take to put the pattern of debt behind you could very well be the best thing you ever do to help put you and your family on the path to a secure and debt-free financial future.
If you are facing a financial hardship, find out how a structured debt relief or debt management plan could help you. Take a moment to answer a few simple questions online and receive your free debt relief analysis and savings estimate from a BBB-accredited debt relief provider.