82 000 Penalty Tag For Bad Credit Mortgage
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$82,000 Penalty for a Bad Credit Mortgage
Overview
When we're in distress, it's natural to seek help, just as it’s instinctive to offer assistance when we can. However, our ego can disrupt this balance, influencing when and whether we ask for or provide help.
Frequently, we wait until a problem becomes severe before seeking assistance, at which point help can be costly, or even too late. Conversely, offering help prematurely can sometimes be seen as intrusive. Parents can relate to this when advising their children. For now, let's focus on the implications of asking for help too late.
Consider the term "bad credit loan." In December 2006, according to Yahoo search data, over 100,000 people searched for it. In stark contrast, fewer than 5,000 looked for "bad credit repair."
When tallying all searches related to bad credit loans, the number exceeded 500,000, yet the search for credit repair remained under 5,000. This suggests only 1 in 100 seeks to address the underlying issue, while most focus on temporary solutions.
The Challenge of Bad Credit
Bad credit situations often precede the need for a loan. Ideally, more people would proactively seek credit repair rather than wait until a loan becomes necessary. Society seems to favor remedy over prevention, embracing the notion of "buy now, pay later," which incurs significant costs.
To illustrate this, consider bad credit mortgages. In December 2006, 79,000 people searched for related services.
According to Fair Isaac Corporation, as of January 11, 2006, someone with a poor credit score (500-579) might pay $819 monthly for a $100,000 thirty-year fixed mortgage. In contrast, someone with an excellent score (760-850) would pay $589?"resulting in a $230 monthly difference, or an $82,000 penalty over the loan's duration.
Opportunities for Improvement
Remarkably, resources like books and online courses are available to help improve credit scores for far less money. Yet, many balk at a one-time $30, $50, or $100 fee, but willingly pay hundreds more each month for extended periods.
Understanding your financial situation, preferences, and challenges is crucial. If you’re facing bad credit, consider focusing on credit repair instead of solely seeking a bad credit mortgage.
As William F. Halsey said, “All problems become smaller if you don’t dodge them, but confront them.”
?" Vishy Dadsetan
Disclaimer: Vishy Dadsetan, MyPersonalFinance.com, and My Favorite Shop, Inc. do not endorse specific products or services. This article is informational and does not substitute for professional advice. If needed, seek assistance from a qualified professional. While effort has been made to present accurate information, responsibility for errors, omissions, or inaccuracies is not assumed.
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