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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?


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2007-03-23 14:36:14
2007-03-23 14:36:14

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.


Related Questions

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?

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.

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.

debit interest receivablecredit interest income

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.

Interest rates are based solely on the severity of your credit. Good credit = low interest rate. Bad credit = higher interest rate.

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.

Only the card expires, not the line of credit it is attached to. So interest will still accrue on the unpaid debt.

debit interest on mortgagecredit mortgage payable

The term interest credit refers to percentage of the credit that will be added as interest by the bank that issued a credit card. In this case, when the customer exceeds the allowed money limit, the bank will start taking interest on the exceeded credit.

Interest free credit cards are some sort of deal credit cards make to get you to use their credit cards. Interest is cash that builds up on your debt. These interest free credit cards eliminates that for a few months.

Credit card interest in calculated daily. For example, if you have a credit card with 12% apr, you would divide the interest by 12 months. You should always check with your credit card company on how they calculate your credit card interest.

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.

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.

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.

That depends a lot on your credit score and the vehicle you are buying. Newer cars attract cheaper interest rates than older vehicles. Applicants with excellent credit history are offered cheaper rates than say a applicant with an impaired credit history. Car interest rates start from approximately 4.2%.

The advantages of having a credit card with an interest rate is it helps build one's credit faster. The higher the interest rate of the credit card, the higher the credit score.

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.

You cannon earn interest from a credit card if you have a positive credit account. The bank will simply give you a refund if you have overpaid.

If you don't return a vehicle after it's put in repo status, it goes on your credit report as "Vehicle cannot be located." Once this is on your credit report, it's impossible to get refinancing for a new vehicle. The best thing to do after that is to file for a bankruptcy. The auto credit company will usually hire a investigator and they can file a lawsuit. But there is typically no criminal charges because, it's technically your vehicle.

Is there a way to write off credit card interest on corparation credit card?

The thing about any credit card is that the interest rate is based off of your credit score. So the only way to know for sure what your interest rate would be is to apply for the card and see what happens. Good luck!

You will have to pay any balance due after the car is sold and then it ruins your credit.

The interest on an express credit card is 8.7%. They are not a very good alternative to a regular credit card such as a visa or mastercard because the interest is very high.

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