781-277-0411 • FIVE LOCATIONS

Any time you borrow money to use to purchase goods or services when you need them is credit. We’re usually talking about loans of some type. They are generally from a credit issuer such as a bank or financial institution. The amount is paid back on an agreed upon time frame.

Finance charges, or interest will be added, and they will be paid in addition to the amount owed which could quickly lead to big debt.

These become part of the expected monthly payment. The amount that you are allowed to borrow and the interest rate you are charged is partially determined by your credit score rating. As well as where it lies on the credit score chart. There are a variety of credit score ranges depending on the bureau generating this information.

The score is always a three-digit number and generally falls between 300 and 850. For some it may begin at 250 and may extend to 925. The majority of creditors feel that 800 and above is an excellent score. Many will view a score of 700 and higher as a good one. They fluctuate with lenders, where 650 could be viewed by some as good, by others as fair. In any case, owing money and continuously being in debt makes for a lot of stress.

When a credit score is being obtained, knowing their rubric for ranking is important. If you are right on the edge, working hard to improve it can save money. If you have a loan taken out when your score was quite low, or viewed as bad, perhaps fair. If you moved up on the roster, refinancing at a lower interest rate would become plausible for you.

No matter what your credit score is, there are credit products available that are anywhere on the spectrum. Especially after personal bankruptcy, when your credit isn’t the best. Bad credit costs but there is hope and options.

When striving to obtain a credit card, your only choice at the moment may be to get a secured version. This type requires a deposit just to open an account. When it comes to mortgages, the interest rate available with be three or four times higher than the best rate at the time. Bad credit doesn’t have to remain that way. Look for tips next month for improving your credit, which improves your credit score. As for now, make any existing payments on debt you have on time. That’s rule # 1.

If your debt is mounting and your credit score is dropping, personal bankruptcy may be an option for you. The Bankruptcy Attorneys at Hines Law Offices can help. We aid our clients with supportive as well as compassionate advice when it is required most. In addition to our vast experience in legal matters, we have a high degree of success in helping our clients obtain lasting debt relief in a timely and effective manner.

Our Full-Service Legal Firm handles all types of personal debt relief matters and we have several locations throughout Worcester and Middlesex Counties. Call us today for a Free Consult!