Having bad credit can ruin your life. It can prevent you from a lot of things. When you go borrow from lenders they take a look into your credit history and determine if you qualify for a loan. It can prevent you from renting a apartment or getting a loan for a house or a car. It can stop you from getting a student loan if you want to go to college. we usually make these mistakes when we are teenagers and some of us even make these mistakes as older adults. The problem you wanna avoid is having too much credit and unable to pay the lenders back when you made the promise of when you was going to repay them. So think before you get a loan or a credit card because it can become a serious issue in your adult life. When you owe to these lenders they will get their money way or another even if it mean to garnish your wages and when they garnish your wages it makes your life even more complicated on your fixed budget.
What causes bad credit. I have 3 reason what can land you in trouble when it comes to your credit.
1.Making late payments on a credit card causes bad credit. Each time a payment is late, it is reported to the credit bureaus. Lenders are more likely to lend money to someone who has no late payments on their credit report than to someone who had late payments in the past.
2. Delinquency is another reason for bad credit. It is always wise to contact your bank or credit company if you are unable to make a payment on time. Past due payments will eventually go into collections, which can negatively impact your credit score.
3. Going over the credit limit on a credit card cab cause bad credit. When a credit limit is exceeded, monthly payments will increase. It is best to always check the available credit card, and stay below it.
I well all see those commercials claiming they can fix your credit. Well no one can legally remove accurate and timely negative information from your credit report. The law allows you to ask for an investigation of information in your file that you dispute as inaccurate or incomplete. there is no charge for this. Some people hire a company to investigate on their behalf, but anything a credit repair clinic can do legally, you can do for yourself at little or no cost. According to the credit reporting act (FCRA).
Interest rates is the price a borrower (you) pays for the use of money they borrow (you) from a lender (banks), for instance a small company might borrow capital (cash) from a bank to buy assets for their business, and the return a lender receives for deferring the use of funds, by lending it to the borrow (you). Interests rates are fundamental to a capitalist society.
These interest Rates can change also :
Deferred consumption: when money is loaned the lender delays spending the money on consumption goods. Since according to time preference theory people prefer goods now to goods later, in a free market there will be a positive interest rate
Inflationary expectations
Most economies generally exhibit inflation, meaning a given amount of money buys fewer goods in the future than it will now. The borrow needs to compensate the lender for this
Alternative investments
The lender has a choice between using his money in different investments if he chooses one, he forgoes the return from all the others. Different investments effectively compete for funds.
Risk of investments
There is always a risk that the borrower will go bankrupt, abscond, or otherwise default on the loan. this means that a lender generally charges at risk premium to ensure that, across his investments, he is compensated for those that fail.
Wednesday, January 20, 2010
Friday, January 8, 2010
STAY OUT THEM JAIL CELLS BLACK MAN
Some of us has experience being locked up for whatever reason. But don't make going to jail a habit black man If you can avoid doing a jail sentence please do so its not worth it in the long run. And let me break it down if you don't realize what you losing out on. #1. when you go to jail and you leave your children behind who is going to support them if you was the bread winner. THE SYSTEM will support them and guess what when you come home after doing a yr or a few yrs now you owe child support all that dam money because you was doing a bid and you was not able to hold up to your responsibilities this is not a joke this is how 65% of our fathers get caught up with owing thousands of dollars in debt. #2. lets say you had a job when u got convicted of a crime now you lose your job and medical benefits because of your foolish actions. Now you have to start all over again and now you under supervision where somebody have to tell you what to do. Like what time to go home and where you can and can not be. Not only that you are forced to find a job all over again. commit your self to all these programs and they get money for your attendance and you don't get a dime of that cash. Not to mention you still have an obligation to care for your kids and this brings more problems into your personal life now you fighting with your child guardian because they need you to help out with the kids. They do not care that you just came home from jail. Now the pressure is on and you start to think twice about what u going Thur and you become stress which may lead you to make more wrong decisions just because you want to do right by your child or children. So this is necessary for us black men to stay out of jail cells and plus we need to stop investing in that industry that is why they keep building more jails. Yes we are an investment every time we walk Thur them gates..think about it..If you knew this you wouldn't DOO DAT....
Tuesday, January 5, 2010
Baby momma drama!!!!
Why when you separate from the woman you have a child with things get complicated. Its always some bullshit. You can do your part to the fullest and still have issues with the woman you have a child with. The sad part is the child is the one who really suffers from this problem. How many argument's we are going to have over the same shit its always about money or why you can't come see your child in the middle of the night when you live like a hr away by public transportation. The biggest problem is when the the mother is receiving public assistance and you still give her money out your pay check and BAM!! you get a letter in the mail that you have to go to child support. now you looking like a deer in the middle of the road with the headlights on him. Now we in court and the money that was for our child now goes to the welfare system,because you lied and told them you didn't know where the father was at. My experience with baby momma drama is a roller coaster ride. So please fellas. know the woman u having a child with i thought I knew the person but I didn't even after waiting four years b4 we decided to have a child.
Sunday, January 3, 2010
Saturday, January 2, 2010
We need to stop M.T.A from making our kids pay to ride public transportation
We need to start up a movement so we can help our kids stay in school if they have to pay to go to school the drop out rate will only increase.If you care lets make it happen.
Its tax season again!!!
Be careful of how you claim your taxes this year. last year there was a lot of problems with people claiming Head of house hold and claiming children that is not theirs. The I.R.S will hold half of your money until you can prove everything you put down on your taxes.
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