Tidbits® - March 2008Credit insight from Credit.comWelcome to the Credit.com newsletter!In this issue, we're showing you how to survive money crisis, how
to borrow Quick TipStruggling with college costs? Credit.com recently added a private student lender to our network! You can easily borrow up to $40,000 a year for tuition, books, housing, study abroad and more. Most students need a co-signer to qualify. Apply for a private student loan online: http://www.credit.com/r/private-student-loans Surviving a Money CrisisTurn on the news or open a newspaper lately and you'll hear the news of doom and gloom. Gas prices are up. Home prices are down. Foreclosure rates are up. Employment is down. All this economic news can easily translate into trouble for your finances. If you're facing a money crisis, Credit.com is here to help you get through it. Here are some tips to get you started: If you are overextended... You're paying almost as much in bills as you actually bring home each month. Unless you get a raise or win the lottery, this situation isn't going to resolve itself. Take a hard look at your spending and see if you can cut back: http://www.credit.com/r/tidbits_create_family_budget. Canceling your cable TV, carpooling to work, and selling an extra car can each help you save over $100 each month. If that doesn't help, you may want to talk to a debt counselor about your options: http://www.credit.com/r/dcl If you are facing foreclosure... You're not alone. Foreclosure is estimated to claim 2 million homes
before 2009. Don't be a part of the statistics. Your first step should
be to communicate with your lender about your situation. They may
be able to work with you to find a solution. You should also read
Gerri Detweiler's tips for saving your home from If you need money... First, try to find a way you can get what you need without borrowing. If that isn't an option, you can shop for a solution online. An emergency cash loan can help you get up to $1,000, but it is absolutely crucial that you pay it back within a couple of weeks: http://www.credit.com/r/cash_advance. A personal loan offers more flexible repayment for amounts between $1,000 and $15,000: http://www.credit.com/r/ploanaff. And a credit card can also be a good way to cover an occasional unexpected expense: http://www.credit.com/r/tidbits-all-cards If you are unemployed... Ideally, you would have money saved in the bank to cover your basic expenses for a few months while you look for a new job. But most of us aren't so diligent about our savings. Take advantage of unemployment insurance if you qualify and cut back on your expenses as much as you can. In most areas, you can call 211 to get information about job training and unemployment coverage. If you are in collections... Oops, that gym fee from a couple months ago just appeared on your credit report. If the account is accurate, this is the one crisis that doesn't demand quick action. Paying off a collection account - even right away - doesn't remove the 7-year negative record from your credit reports or undo the credit score damage. So it may make sense to pay other debts off first. If the account isn't accurate, you will need to move fast. You only have 30-days to dispute:http://www.credit.com/r/Collection_Rights If you're facing a crisis not listed here, you might be able to find help in the Overcoming Challenges section of our website: http://www.credit.com/r/Overcoming_Challenges. And, as always, feel free to email our team of credit experts at tidbits@credit.com. Ask JohnNational Consumer Protection Week is March 2-8 this year. Read our credit expert's insight into how you can defend yourself from rip-offs and make sound financial decisions. See John's advice for National Consumer Protection Week: http://www.credit.com/r/tidbits-vol30 On the BlogNeed a break from the bad news in the lending world? Our personal finance expert listed six things you can still be thankful for in the credit industry. Count your credit industry blessings: http://www.creditbloggers.com/2008/02/funny-money-f-2.html Quote of the Month"Money can't buy friends, but it can get you a better class
of enemy." Tidbits® - March 2008
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