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August 15, 2007


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Wow! Commonsense credit management can pay off handsomely, can't it? I read the author's previous article about how to save a $million by turning off my television, and thought..."We have 3 televisions in our house. If we keep them all off, all the time, we might be able to replace our employment income and retire in about 10 years...." Ok, kidding, but the author's point, in both these articles, reinforces the sort of common sense financial and resource management Ben Franklin counseled in his Poor Richard's Almanac, lo these two hundred plus years ago. Thank you for a wonderful site!

Actually, if you have bad credit you probably can't even *get* a mortgage in this credit environment.

So my credit went in the tank with an extended illness without income. I'm working again but I can't get my credit out of the tank on a minimum wage income.

So I should be poor and broke the rest of my life?

Isn't bad credit a lot like a self-fulfilling prophecy? Your credit is bad, so the only credit you can get (if any) is on very unfavorable terms (e.g. higher periodic payments and interest rates, and/or longer repayment), which GUARANTEES - other things being equal - poorer repayment performance.

I am a BIG promoter of dave ramsey and his discusions on credit however my wife and I were at a cross roads so we decided to call a credit repair company. Maybe we got lucky but our past was keeping us behind. We followed thier instructions and were able to refi'd our house to a fix rate paid off some other debts and saved over 900 per month, now I know Mr Ramsey is shrilling right now but we were saved and actually can breath every month. The lady I spoke with first was an owner/operator of transunion for owner 25 years and RJ the guy we worked with was a former mortgage guru, they make a great team and we are in their debt forever.

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