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What happens if you have a baby on the way and have bad credit and have a high interest rate on your vehicle and cant afford it?
Wiki User
∙ 17y ago
The best option would be to sell the vehicle for the equity you have (as in, the amount you have paid on it) and buy a reliable used car for cash with no payments.
Wiki User
∙ 17y ago
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Is it Usury to allow a person to pay a fine on credit without knowing if they can afford it?
Usuary is the practice of charging interest on a loan. If a person pays a fine on credit, this suggests the use of a credit card, and credit card companies charge interest (generally at a very high rate) so usury is involved. Whether the person paying the interest can afford to pay, or knows if they can afford to pay, is not relevant to the issue of whether it is usury, although it would be relevant to other issues, such as, is this a good idea?
Can you explain bad credit loans to me?
I think they do work with high interest rates. They will give you the money you need but with higher interest than someone with good credit would have. But it can also help you if you can afford it.
Carrie could only afford to pay interest charges on her 4700 credit card balance If she paid 2350 in interest every month what was her annual interest rate?
5%
What happens to the interest rate on your credit card if you've filed for Chapter 7 Bankruptcy?
If the credit card was included in the Chapter 7, nothing happens. The account will be closed by the creditor and the amount owed including any accrued interest is wiped out.
What happens to the loan after the car is repossesed?
After the vehicle is repossessed then the financial organization is notified of its recovery but the amount of the loan is cancelled except for the outstanding arrears, the taxes, wear and tear on the vehicle charge, the cost of repossession, travel charges and mileage and compounding interest on the outstanding amount. They then call the credit bureaus and report the transgression and the credit ratings are adjusted accordingly.
When you pay with a credit card do you pay interest?
To have interest on a credit card bill, you must have not paid a bill in full. When this happens, on your next bill, it will inform you that you must pay your current bill, the remainder of your last bill, and a certain amount of interest.
What happens to unpaid expired credit card?
Only the card expires, not the line of credit it is attached to. So interest will still accrue on the unpaid debt.
What happens if you cannot afford to pay your credit cards?
You'll be hounded by collection agencies, you'll receive a bad credit score, and you may be taken to court if you have a sufficient enough debt.
What are the disadvantages of buying on credit?
Purchase of items one cannot really afford and may not really need. Payment of interest, which can become excessive due to length of contract, interest rate, size of payments, etc.
How do you afford a loan?
Avoid maintaining bad credit history, without fail we have to pay back our loans interest every month. Always try to apply loans with secured credit cards and try to maintain credit scores in higher levels.
How high can interest rates go?
National average interest rates were as low as 4% for a mortgage. Assuming that it is what you are referencing. Interest rates are based on your personal credit score rather it be a mortgage, credit card, or vehicle. So how high they may go depends on the individual, the type of loan, and the lender.
What is the interest rate on loan?
Interest rates are based solely on the severity of your credit. Good credit = low interest rate. Bad credit = higher interest rate.
