Whisper it quietly… ‘I have bad credit.’ You would think that statement was akin to admitting to murder. The way some people view others with bad credit is frankly appalling. Bad credit isn’t ideal, but it is by no means the end of the world. If you are one of the many with bad credit, you might think that your life is over. You will never be able to afford a good lifestyle or get a mortgage. Rubbish. There has never been a better time to have bad credit and here are the reasons why.
The stigma isn’t as harsh as in the past because people are coming to terms with bad credit. What most of the general public understands now is a lot more than ever before, and people are less quick to judge. The simple fact is that more people also have bad credit, which is a factor. The 2008 crash did a lot to level the playing field when it came to finances and bankruptcy. But, it is also a simple fact that you don’t have to do much to earn the title. A novice can easily slip into bad credit without even knowing because they rules aren’t widely known. Nowadays, you aren’t a social pariah.
Easier To Fix
With more understanding come more solutions. If you think about this scenario twenty years ago you wouldn’t panic. Where would you turn? Who would you ask? You couldn’t go on Google because Google didn’t exist, and most people didn’t have a clue what bad credit meant. In 2017, because it is common practice, there is far more information and more solutions. By paying off your debts in a structured manner, your rating will come back into the black.
It Doesn’t Mean Much
Just because your credit score is low doesn’t mean you have bad finances. In fact, you can pay off your credit card each month and still slip into bad credit. It is possible if you pay off your debts in full every month because of utilization. The important point to take from this is that your credit rating isn’t an accurate picture of your ability to manage your finances. Lenders are starting to see this, and they are slowly but surely changing their methods. Even if it is a problem utilisation is an easy issue to mend.
You Can Still Get A Loan
Bad credit used to be a problem because banks wouldn’t lend you any money. They saw and still see bad credit as an indicator you aren’t trustworthy. For anyone who wasn’t rich, this was a big problem. If you couldn’t go to the banks you couldn’t go anywhere. That isn’t the case any longer because a loan for bad credit is only a few clicks away. These businesses see bad credit as a way to help and make money simultaneously. The result: you can get a loan without worrying about your credit score.
So, don’t fear if your credit score doesn’t look healthy. In today’s society there is always a way out, even if you have bad credit.