In the last post we began discussing the current state of the economy and how most of us undoubtedly feel as though we have limited financial options at this particular period of time. Obviously lenders have pulled in the reigns considerably and most of are not able to qualify for loans that we would have gotten easily even just a year ago. And when we have problems with our credit report on top of it, we are looking at very limited avenues for finding financial resources. But the truth is that there are still options when it comes to accruing capital or paying down debt even if our credit report is not perfect.

One that we discussed previously was the possibility of consolidating credit cards on one lower interest rate card; and the way to do that most effectively is going through the process to compare credit cards – finding the rate that is the best and then transferring all credit card balances onto that one card so we can pay it down effectively. Other options include:

• Bad credit loans. There still exists the possibility of getting a loan no matter what the state of our credit report. Bad credit loans typically come at a higher interest rate but may be worth the price if we are able to pay it off quickly and consolidate debt.

• Credit cards for bad credit. If we need spending power and we don’t have any options credit cards for bad credit will allow us to have what we need – even if it comes at a higher price. Credit cards for bad credit, including secured credit cards that require the balance of the card to be deposited into a secured savings account, can be a blessing in an emergency.

Not everyone is perfect; in fact, most of us are not when it comes to our credit report. But never fear; there are options for staying in the financial game and having money available to you.

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