Are You In Need Of Money? Be Careful.

photo by MattC

The credit crisis has been one hell of a ride for some, but for others it’s been nothing short of a nightmare. There are many who are guilty for this problem that we’re experiencing and I think you readers know who I mean. Just in case you’re new to this blog, please read this post I wrote about Foreclosure Issues

If you’re one of the many that are behind on their bills and payments, be careful of different tactics that are available to you. Quite a few of these options will only put you further in the hole. As a matter of fact I was going through my feed and saw this article from CNN Money titled The best (and worst) ways to raise fast cash.

I looked over the list and in my opinion it should really be titled “Here’s about three or four ideas to help you and over a dozen other ideas that will make it worse”.
When you are in debt, the last thing you want to do is borrow more money. One of the ideas they offer is to go through Prosper where if your FICO score is 720 or better, you can get a loan at 9.4%. That’s a pretty good rate when you borrow hard-money, but if you’re in dire straits already most likely you’re credit is not that high. If you go to their site, they advertise rates as low as 6.58% and I’m sure that you’ll have to jump through hoops to get a rate that low.

When I talk about buying into any company I say to do your due diligence and that goes for your financial decisions too. When you look over your list of options, leave you emotions at the door and make your choice logically and wisely.

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