My Experience With Bad Credit Loans

Bad Credit loans are offered everywhere on the net and on all other media. However, not all loans are the same and if you are desperate and can't take your time to analyze each of your options and just hold to the first lifesaver you find you may end up with the water up to your throat. That's what happened to me.

How I Got Into Debt Problems

My parents have always been there for me. I'd never earned too much and they aided me a lot. I used to use my credit cards moderately and lived day by day. I had no savings whatsoever as whenever I had a problem, my father would come to my aid. But my father got sick and couldn't work anymore, the family income shrank dramatically and not only I couldn't count on my parents support anymore but now it was time for me to help them.

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I was desperate because medical bills and medication ate up almost all of our income. I didn't want my parents to know that I was already indebted by the time so I didn't ask them to cut on their expenses. I limited my expenses and maxed out my credit cards. Finally, I couldn't meet the minimum payments on my credit cards and had to resort to bad credit loans.

Vicious Circle of Debt

Sadly, I didn't know by that time much about the loan industry. What I knew is that I needed money. With so many delinquencies on my credit report I couldn't get approved for traditional loans. My credit score was too low and I read about bad credit loans on the net.

The only loans I could get approved for (or at least I though they where the only ones) were cash advance loans. It was little money and not much time to repay but at least it helped me pay for our expenses. So I started requesting one cash advance loan after the other, interests accumulated and my debt started growing. I reached the bottom and I had to start selling some of my possessions. That's when I realized I had been doing things wrong.

How I escaped the Circle

I finally told my mother who was unaware of all of this and she asked for advice to a friend of her. She was told that I should have requested a bad credit home equity loan and that we were still on time since the property was owned by my mother and I and she had a good credit score so she could act as a co-signer too.

With the money obtained from the home equity loan I paid off all my debts as instructed: First the higher interest debt and so on. The new loan had a stretchy repayment program that gave us a lot of ease since we had small monthly payments I could afford. Now everything is in order and happily my father is healthy again.

I learnt a lot from this situation but hope you don't have to go through it. If you are having debt problems, ask for advice and consider all the loan products available for you. Cash advance loans have their purpose and I used them wrong. What I needed at that time was a bad credit home equity loan to consolidate my debt and get some ease.

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