Brad’s Credit Card Bad History Caught Up With Him, Leaving Him To “Thumb” A Ride To Work!

Brad Scott’s credit card bad history has caught up with him. He’s a whopping $11,244.36 in credit card debt and he needs a car to get to work.

Last Saturday, Brad hit the road in a friend’s oil-burning piece-of-crap to see what kind of deal he could find from car dealers desperate for business.

Brad knew these car guys were desperate for business. Their ads told it…the economy confirmed it.

However, Brad was NOT prepared for a disappointing reality. By lunch, Brad had visited 3 car lots, rejected each time bacause of his credit.

Sitting across from salesman #4, Brian could see it would not be as easy as the ads on TV made it seem to buy a new car. The “Zero Down & Zero Interest” did not apply to Brad.

Here’s what Brad discovers….

THE SEARCH

Welcome To Tighter Credit & Lots More Credit Rejection

From now on, you will find it much harder to get a credit card and to carry large balances. Late fees will rise and lines of credit will disappear.

“I was so p*ssed by the time I hit the 4^th car lot. On TV, all these guys make it sound so easy to get a car. Once they see a couple items on my credit, they treat me like I have two heads. By then, I was a nobody, so they wanted me to leave,” Brad adds.

• We are hooked on debt! According to the Federal Reserve, the average American spends 14% of his income on servicing debt (interest). When other fixed obligations – like car lease payments and homeowner’s insurance – are added in, about $1 out of every $5 of your income is now claimed by bills. Yikes!
  
  
• We love our credit cards! Get this: In a sign of just how much we have become dependent on borrowing, the average amount of credit card debt discharged in Chapter 7 bankruptcy filings has tripled – to $61,000 per person – from what it was before 2005 when the new bankruptcy laws took effect.

By now, you know the importance of credit cards–it seems life DEMANDS at least one credit card. Get “right” with the three following secrets and you will get “good” with your wallet and credit scores:

• Pay down your debt as far as possible, especially credit card debt. 30% of your credit scores comes from the amount of debt you have. Get your credit card debt paid down.
  
  
• Do not play the “balance transfer” game. With tighter credit, gone will be the common practice of transferring numerous card balances from card to card. All the inquiries <ding-ding> further ding your credit scores.
  
  
• Pay more than the minimum each month. As the following chart shows, your credit score dictates your interest rate. And if you’re only paying the minimum each month, it will take Jill 33 years & 5 months of $298.00 monthly payments just to pay off a $10,000 card balance. Un-FREAK-in believable!
  

Brad desperately needs a car to get to his new job. His only option now is to go to the “buy here, pay here” corner car dealers. You’d better believe Brad will overpay for the car and for the privilege of driving any kind of car off the lot.

And you’d better believe, these legal loan-sharks will get their money or their car back. Brad’s credit card bad history caught up with him, at a time when he could least tolerate or afford it.

As it is, he’s not in the driver’s seat on negotiations. He’s at a car salesman’s mercy, all because of his credit card bad history. Absolutely, do not let this happen to you. Get your credit card debt under control…now!

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