It is natural for people to ask for help when they are in trouble and it is within our nature to offer a hand when we can. What throws this natural human relationship off its kilter is our ego that impacts our decision as to when we ask for help and when to extend a hand. We often wait until we are in serious trouble before we ask for help and by that time the kind of help we receive is very very expensive and sometimes too late. On the other hand, when we offer a hand too soon, we come across as interfering busybodies who do not know the first thing about free will. Parents know what this is like when they talk to their children. But we leave the eagerness to help alone for now and concentrate on asking for help too late.
Let’s take the term “bad credit loan” for instance. According to a segment of Yahoo that keeps track of what people search for, in December of 2006 over 100,000 people searched for a bad credit loan. On the other hand, a little shy of 5,000 people looked for the term “bad credit repair.” When I added all the people that were looking for various loans related to bad credit, the number was over 500,000. But the number of individuals who looked for bad credit repair still remained under 5,000.
This seems to mean only 1 out of every 100 people look to cure the problem and the rest look to cure the symptom. Wouldn’t you think that the “bad credit” problem arises much before the need to get a “bad credit loan?” If this was the case, more people should have been searching for ways to repair their credit than those who seek to remedy the bad credit problem with a loan. We as a society seem to seek remedy more than prevention. We live the dream of buy now and pay later and it is costing us dearly. Let’s look at two other examples of “bad credit mortgage” and “bad credit home loan.” 79,000 individuals looked for these services in December of 2006. According to Fair Isaac Corporation as of January 11, 2006, and on a national basis, a person with a poor credit score of 500 – 579 is expected to pay $819 for a $100,000 thirty-year fixed bad credit mortgage loan. For the same loan amount, a person with an excellent credit score of 760-850 expects to pay $589 per month. That is $230 per month difference. This difference amounts to an $82,000 penalty tag for a bad credit mortgage loan.
The amazing part is that there is help in the form of books, tapes, ebooks, firms and so on and it costs much much less. But when you look at the numbers most people chafe at $30, $50 or $100 one time fee but they flock to get solutions that cost them hundreds of dollars per month for a very long time. You have these numbers, you know your situations, likes and dislikes better than anyone else. I hope that you are reading this article and do not have to deal with bad credit. But if you are, consider placing some of your attention on bad credit repair and don’t let obtaining a bad credit mortgage loan consume all your attention. William F. Halsey once said, “All problems become smaller if you don’t dodge them, but confront them. © Vishy Dadsetan * DISCLAIMER: Vishy Dadsetan, http://MyPersonalFinance.com or My Favorite Shop, Inc. do not endorse any product or company.
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