As maintained by the Veda credit agency, somewhere in the vicinity of 16 million Australians are currently utilising some form of credit, which indicates that roughly two-thirds of us are presently servicing credit balances and alternative loans.
Even more alarming, however, is the reality that two million credit users are in jeopardy of defaulting on at least one account – approximately 600,000 of which are in severe peril of experiencing a serious financial collapse or lapsing on their credit balances.
This same matrix can be transposed onto New Zealanders as well.
What Is Bad Credit?
Every person has what can essentially be categorised as a fiscal profile of sorts.
Colloquially expressed as a credit report, this outline is compiled by official credit bureaus and it applies an in-depth breakdown of your financial habits, customs, dealings, and historical activity to create a precise snapshot of your credit-based merit from the angle of a money lender.
What Are the Consequences of Poor Credit?
If you’ve amassed a track record of missing payments, shirking on accounts, filing for bankruptcy, and generally exhibiting substandard financial behaviours, your credit score will plummet and you’ll be pigeonholed as an unworthy credit recipient by lenders.
Risk is the name of the game when it comes to money lending, which is why people with bad credit routinely struggle to obtain backing for home renovations, vehicle acquisitions, mortgages, and other typical loan requests.
To add fuel to the proverbial fire, thousands of Australians and Kiwis with poor credit find themselves descending deeper and deeper into debt due to rapacious credit cards that have usurious borrowing rates of 30 percent, or even higher in many instances.
By its very nature, bad credit inexorably sets in motion further monetary troubles, but it’s worth bearing in mind that there is a way out and an optimistic hope for a better financial prognosis.
Correcting Bad Credit and Reclaiming Control
Of course, you can strive for a salary bump at work or sell off some of your owned possessions to begin paying off large chunks of debt, but this usually personifies an exhausting, gruelling, decade-long process that can do quite a number on your state of mind.
So, if you happen to be labouring under a series of credit lines that have interest rates exceeding 20 percent, you have to commune with a reliable provider of loans for bad credit so that you can consolidate your accounts into a more governable, wieldy debt solution.
The Veda credit agency found that four in every five people have never checked their scores, but luckily you don’t have to dwell on your financial history when working with a bad credit specialist.
You’ll be able to borrow up to $50,000, institute repayment terms that can be spread across 60 months, and, most beneficially, you can supplant your sky-high borrowing rate for a manageable figure as low as 9.95 percent.
Linking up with a bad credit solutions agency can also embolden you to fund wedding loans, holiday trips, marine vessel purchases, and even home makeover initiatives, so stop crossing swords with your current account provider and join the numerous Australians and Kiwis that have fixed their finances with a devoted lender.