This may not be a question you ask out loud but many people in bad credit situations have this exact thought in their mind. Thinking about all the money and time you’ll need to repair your credit might leave you feeling a bit overwhelmed. It can take a lot of work and patience to repair your credit miestenapteekki.com.
Comfortable Is Not Always Good
You may think “I’m comfortable where I am, I love where I live and if this is what it takes to fix my credit – no thanks”. That’ll be okay until something changes where you’ll need more space, or you’re tired of being in someone else’s place. Maybe you and the landlord disagree on something important to you… what then? Are you going to move? Are you going to move every time there’s a disagreement or you need more space?
REASON 1 – MOVING IS EXPENSE: To do that every couple years is not fun. Now I’m not saying when you own a home you never move. I’m saying when you’re a homeowner, you have more of a sense of “ground-ness”, hence, when you have challenges like a lack of space, you come up with a creative ways to add more space in a basement, through a room conversion or attic.
REASON 2 – YOU’RE IN CONTROL: If you’re sick of your cabinet colors one day and you want to paint them white, you don’t have to ask permission. If you want to get a dog you, don’t have to worry about asking permission from your landlord, or having to pay a pet deposit and higher rent because there’s a risk that this new dog may annihilate your place by marking his territory every chance he gets.
More Cost $
REASON 3 – NO TAX DEDUCTIONS: Let’s forget about permissions and freedoms for a second and look at advantages in terms of financial benefits. As a renter, you’re not getting the homeowner interest tax deduction because you’re not an owner – But your landlord sure is. It doesn’t matter if it’s a gorgeous place, you don’t own it. You’re not getting the benefit of being able to write off so many things associated with owning your home.
REASON 4 – CREDIT IS EXPENSIVE: Now let’s also forget about home ownership for a second and let’s just look at what credit costs you in general. You can’t get those credit cards with the 1, 2, 3, or 4% interest rates when your credit isn’t good. You can’t walk into a car dealership and get those car loans with interest rates of 1, 2, 3 or 4% – those options aren’t available to you when your credit isn’t good – but you already knew that.
You’re even unable to rent some of the nicer homes that are available because your credit may be so challenged that the management company will not take the risk to rent to you. With challenged credit, it may be that each time you move somewhere and you set up your new utilities, you have to pay a deposit for each and every utility company that you sign up with. Not. Cheap.
How about adding up all the late fees that you paid for…. oh, let’s say, your rent, your car payments, whatever. If you were to calculate all the late fees you paid you could save thousands of dollars to put in your pocket.
REASON 5 – TIME WASTER: If your credit is particularly bad and you’re unable to open a bank account, this means that you’ll have to get a money order for every single payment that you’re mailing to somebody. Think of all the gas you’re wasting, all the time you’re spending, driving around to get a money order, put it in an envelope and drop it in the mail. You’re wasting time, and time is money. You could get a card that allows you to deposit your earnings, that would be a little more convenient, but those cards have fees, unlike many of the free checking/debit options that is available to someone with better credit.
REASON 6 – INCONVENIENT: What about those situations where you have a family emergency, God forbid a death in the family and you don’t have a credit card, or you don’t have any money in your account to buy Airline tickets, or pay for gas to drive to another state to attend a funeral or a wedding or anything of that sort.
Change Really Is Good
If you’re comfortable with any or all the scenarios above, continue to do what you’re doing, stay where you are. But if you’re uncomfortable, ready to stop paying more, ready to stop being inconvenienced, stop sitting on the sidelines and not enjoying the benefits of the work you’ve put into getting your credit in tip-top shape, then you need to suck it up and do the work. What’s that thing that your mother always told you? – “nothing good is going to be easy”.
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Andrea Davis is a licensed Real estate broker in the state of Georgia, many years experience working in the Atlanta real estate market, licensed since 1996. As a former loan officer, Andrea is passionate about educating buyers, sellers and renters, and firmly believes in the power of education and knowledge. Send questions to her at email@example.com.
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