I recently read an article by Ed Dacher, titled “EDD Bankruptcy – No it's Not a Myth,” in which he said: “If you're told by your credit card company that you can't file bankruptcy because you have too much debt, or too many debts, then that is false. Those things are important considerations for your situation. However, what should not be considered at all in this circumstance is the possibility of getting your entire life insurance policy canceled because you obtained more disability benefits than your retirement pay covered.” That got me thinking. Why would anybody in that position to obtain unemployment benefits to pay off credit card debts?
The number one reason people obtain disability benefits to pay off their credit cards is so they can buy the groceries and other necessities of life. After all, isn't that why we have unemployment benefits? It is also a very good reason to have more than one source of income, if possible. Having the option to draw from two or three or even four sources of income is a very smart thing to do. The question becomes, why would anyone want to put that extra money toward paying down their credit card debt?
The answer to that question is usually, “because my neighbors and friends told me I could.” Well, sometimes they were right. Sometimes people simply don't think ahead about the consequences of their actions. This is why banks tell people with unemployment benefits to put their money toward their homes and their cars before they take out loans to buy them. This is usually done as a condition of receiving unemployment benefits.
What is another condition of receiving unemployment benefits to take out a loan to pay off credit card debts? That is another story. Again, I'm not a lawyer. I'm just an economics teacher. But I do know this. If a bank tells you to take out a second mortgage on your house or take out a second car loan to pay off your credit card debt, then you should seriously consider doing just that!
But why would any financial institution do that? Banks are businesses, pure and simple. They make money by lending it out. If someone has too much money and they need to borrow it, then that is when banks make money. The more money they lend out, the better.
If someone does not have enough money to put down on a house or car, then they probably won't have any money to take out loans from the bank. What do you do in that case? Well, most people go around looking for investors to lend them money. That's when you find out the sad truth about banks: they are only in business to make money, and they will not give you any.
How does one go to find . . . . . . such an investor? Easy! Talk to your friends and family. Or go on the internet and do a search. You will almost always find someone who will happily loan you money for whatever reason.
So there you have it. Use your EDD bank card wisely. Don't put all of your eggs in one basket. If something goes bad, it doesn't have to hurt you. In fact, it may be a good thing. You just may need a new set of eyes to see it through.
The first thing you need to do is check your credit rating. It's important to make sure that you don't have anything on your report that was not accurate. This can really hurt your credit score, which can in turn hurt your financial future. Get a free copy of your credit score and your credit report and take it to your local bank.
Explain what happened, and ask if there is anything you can do to improve it. Tell them you were unable to get a loan, but you would like to fix your credit score. Let them know you want to pay off the debts, but you don't want to do it all at once. Tell them you plan to start slow, adding here and there as your income increases. If they truly believe in you, they should be able to help you.
Once you fix your credit rating, it's time to actually start paying off your debts. If you have the money, that is! Try to pay off the smallest balance first, even if it means going above your minimum monthly payment. You should be seeing results shortly. And with your higher score, money will just come flooding in!
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