This would only be a factor if you were getting a mortgage to buy a house. If you have a good credit and meet their income requirements then having a large amount of debt should not affect your ability to rent.
YOU can do it.
I decided that I would not go out to eat lunch every day while at work
On the days that I needed to go out to eat if I could find a wendy's I could get a side salad and a bowl of chili (with plenty of FREE crackers) and a cup of water for about $2.10.
I was amazed at how much I saved by just cutting out the 'canteen' while at work. If I needed a soda, I brought it from home…
I paid my niece (age 7) to be the 'light police' ! I went to the store and got a few rolls of dimes…everytime she would catch someone leaving a room without turning off a light she would get paid…she loved doing it and since it was so annoying my son got way better about doing it.
The biggest way that I saved money was taking a list to the store….(and eating before I went). If it was not on the store I could not buy it…that way I knew before hand nearly how much I was going to spend….and it forced me to actually MAKE dinner for the week….which of course doubled as lunch the next day…..
I also sold quite a bit of stuff on ebay. If I hadn't worn in within two years….ebay was going to help me find someone who could…this was a 'double bonus' because it forced me to clean up…..
Lastly, I dedicated HALF of my income tax refund to managing debt!
Before I did ANYTHING else HALF went to pay down debt.
SInce I had two cards, I paid one of them off completely which allowed me to double up on the other
If you have small children – check out garage sales for great finds on clothing..often times you can get an entire summers worth of clothing for a 5 6 or 7 year old for less than $20.00 at a yard sale in one of the more exclusive neighborhoods in your town.
I went to one last year where everything I could fit into a bag was $2.00. i stuffed it full of jeans that he could pay in while playing at the daycare or outside….
Which brings me to 'washing clothing only twice per week'
This allows me to make sure that I have a full load of clothing
Guess that is it for now but I did want to say that YOU CAN DO THIS
and a little sacrafice now will reap you loads of happiness later
Most collection agencies are not reporting members of the credit bureaus because they are not issuers of credit. They just buy old debt for pennies on the dollar and make an attempt to collect it. If they are not a reporting member, they cannot add anything to your credit record. So most of them are bluffing when they say they will report it on your credit record.
This would only be a factor if you were getting a mortgage to buy a house. If you have a good credit and meet their income requirements then having a large amount of debt should not affect your ability to rent.
I would seek a financial professional. I met with a Primerica representative and they help me get out of debt. There is no fee to see them and they gave me a free financial needs analysis. Since they don't charge clients anything, they do ask for referrals, which I had no problem with.
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Air Force uses the "40 percent rule." Any recruit who's monthly consumer debts (not counting debts which can be deferred, such as student loans) exceeds 40 percent of his/her anticipated military pay is ineligible for enlistment
Congratulations on managing your credit very well. If you are worried that you may have your credit lines lowered, I would call each credit card holder and tell them you plan on using more of your available credit and tell them why (to fix up your rental property). Also, make sure you tell them that the balances will quickly be paid down and remind them that you are a valuable customer and you value your relationship with them.
Yes, you are correct. If you go over 30% utilization on your available revolving credit limits, your score will drop. However, it will not take a considerable hit until you are well over 50% utilization.
I am a credit analyst for a finance company and make credit decisions on loans.
Check with your state's attorney general, they often have companies they recommend. This started because to file bankruptcy you have to get a certificate from a reputable credit counseling agency. Also here is link to check for the justice department to check your states agencies.
The problem is that 60% of our wealth is owned by the Rothschild and their associated families, and a lot of our dollar is propped up by china. We could just start using Euros slowly and re-issue based on the govt holding commodities. Its gonna be a mess no matter what.
I bought gold, grain and Euros, because the dollar might crash.
You are confusing individual wealth with current savings behavior. Even a poor cleaning woman can add to her modest savings bit by bit each month if she restrains her spending.
It is true that, although China's rate of economic growth has been high for two decades, the income per person is still moderate. But individual Chinese citizens and companies save much of the money they earn. They restrain their purchasing and save. After the trauma of civil wars in the 1920's, the Japanese invasion in the 1930's, the communist revolution the 1940's, the "great leap forward" that led to mass starvation in the 1950's, and the Cultural Revolution and "witch trials" of the 1960's, all Chinese know that anything can happen and some it can be bad. Save for the rainy day.
As a result, the nation exports much more than it imports. That is especially true of manufactured goods. Like many developing countries, China imports raw materials and uses those to make consumer goods or parts for machinery like PCs and cars. Most international trade is earmarked in dollars. Even of you export the shirts to Belgium you'd prefer to be paid in US dollars. So, they must do something with that excess cash.
Fortunately, their friend across the Pacific, the USA, is filled with consumers who shop till they drop. And keep shopping with money they borrow. And the US has a government that had a surplus in the 1990's but went way into debt to pay for Iraq even as it was cutting taxes. So, America must borrow. China will lend by buying US debt. While Chinese leaders speak of dumping dollars for another currency, there is little prospect of that. Europe doesn't run a huge trade deficit so there aren't that many Euros to go around. The same is true for Japan, where the interest rate China could earn is even lower than for the US. America has the world's broadest pool of liquidity. It's the easiest place to stash the cash. With our current level and growth of federal and state debt, we will need China's lending and they will need our IOU's for many years.
I was the regional economist for Asia for what is now JP Morgan Chase. When I wrote in 1981 that China's growth rate would exceed 6% for many years to come my colleagues all laughed. They are not laughing now.