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Credit Cards Guide

Finance options in SA

Finance and Types of Credit Cards for People with Bad Credit

Finance and types of credit cards for people with bad credit are part of the system that helps to keep you in debt. The real solution to a crisis of your personal finance is not to get even further into bad credit. Everyone has money problems but it is impossible to get help until you admit to yourself that you cannot control your spending. When you have done so you can begin the process of sorting out your finances; this can be done either on your own or with the help of the financial counsellors at your bank. Most of them will recommend consolidation loans, which unlike other loans can help you to get out of the trap you’re in.


The reason financial counsellors avoid recommending finance and types of credit cards for people with bad credit is that they are likely to further entrench the money problems they already have. Bad credit is cyclical, and when one card is used to bail out another, this becomes problematic. Debt consolidation loans are different because they pay off all of your outstanding payments in one go, and leave you with one monthly instalment to make to one creditor at a stable interest rate. This helps you to get a grasp of just how much money you owe and the people at the bank can get help for you on how to pay it back.

Most banks have several financial counsellors whose responsibility it is to assist you with this type of finance. Money problems can be embarrassing but when you take the steps to get help you’ll find that the shame goes away and you begin to feel in control again. A credit card doesn’t help you to feel in control; instead it makes you feel out of control. Debt consolidation loans help you to restrict your spending, and prevent you from incurring any new huge accounts to pay. So if you ask your financial counsellors, they won’t be recommending finance and types of credit cards for people with bad credit.



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