Poor Man Survival
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How to Reboot Credit & Earn Extra Cash after Bankruptcy
After the debt-fueled recession in 2008, you might think individuals would be more cautious and conservative with their use of debt.
But that’s not the case in the U.S. Instead, borrowing has become even more reckless since then, with a 47% increase in consumer debt.
But that’s not the case in the U.S. Instead, borrowing has become even more reckless since then, with a 47% increase in consumer debt.
In 2017, more than 700,000 people filed for bankruptcy. A bankruptcy can remain on your credit report for up to ten years, depending upon the type filed. You do not have to wait ten years for the sting of bankruptcy to be removed. A study published this week by LendingTree looked at loan terms offered to more than one million LendingTree users during 2017. It found that:
· After just two years, 65% of people who filed bankruptcy had a score of 640 or higher
· After three years, people who apply for a mortgage with a bankruptcy on their record paid only 19 bps more than people with no bankruptcy.
· Once your bankruptcy is discharged, open a secured credit card. Typically you can find a secured card that does not charge an annual fee. Shop for secured cards online at sites like NerdWallet or MagnifyMoney.
· With a secured card, you must provide a deposit. Your credit limit will be assigned based upon your deposit amount. For people who just recently filed bankruptcy, do not expect your credit limit to be much higher than the amount of your deposit.
· During the year, make sure you put at least one charge per month on the card. Ideally, you should ensure that the charge is not more than 20% of your available credit. Consider setting up a monthly recurring expense (like Netflix, for example) on your secured card. When you receive your statement, make sure you pay the balance in full and on time every month.
· Using a secured card in this way is important for a few reasons. The low utilization sends a signal that you are responsible and will not be maxing out available credit. The on-time payments demonstrate that you are a good credit risk.
· Consider signing up for a free credit score service like CreditKarma or MyLendingTree. With these services, you can keep an eye on your credit report to ensure that you are not the victim of identity theft. In addition, you can watch your score evolve and receive offers from creditors as your score improves.
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These institutions offer free credit scores to all -- even if you are not a customer. Here's how it works, along with other ways to learn your score for $0.
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Many of still seek additional sources of income-Read this:
Thing is, modern democratic states have a terrible track record of addressing large problems -- resorting to kicking the proverbial can down the road for someone else to fix.
Meanwhile, new layers of bureaucracy are caked on top of old ones. (It is easier to take than create.)
This dysfunctional political bureaucracy naturally places politics at center stage of everything -- and, for someone who wants to rise to the top, the only way to thrive is to be a better politician. The objective, then, is to maximize votes. Not solve problems.
And, for the underlings, those who have no choice but to participate, the only objective is to amass some of that power for themselves -- to impose their personal objectives on others (by force) and keep from being imposed on.
In such an environment, the overall time preference is high. Individuals, especially those in the higher rungs, care more about today than they do ten years from now. They do not feel they have the luxury of delaying gratification. In the Stanford Marshmallow Experiment, they are all the kids who eat the marshmallow.
And, in the armor of the status quo exists a fatal chink -- the future.
Politicos always fail to clearly see the real potential impact of any given technology. Not just its impact, either, but how quickly it can take effect.
This is nothing new
of the attention of practical or scientific men”.
And, of course, in the ‘90s, establishment lackey Paul Krugman famously said the Internet would have no larger impact on society than the simple fax machine.
Instead, the Internet gave us an infrastructure that, increasingly, turns ideas, rather than resources, into the greatest source of wealth.
And, on top of this great digital mezzanine, a new, decentralized infrastructure is emerging.
Take, for example, OpenBazaar, a decentralized marketplace.
- There are no fees to use the platform. - There’s no central authority collecting data. - There’s no central authority to take down a store or force terms and conditions - Users have total, 100% control of their experience
Centralized marketplaces, in contrast, cannot guarantee these things.
- They must either charge fees or monetize user data to stay afloat. - They must either censor transactions or be forced to do so by governments
This new type of infrastructure, the same architecture which underpins bitcoin (and the same architecture which could, at least in theory, make up the entire Internet), is incredibly disruptive for one reason…
It changes the face of ownership.
Unlike assets or data that are controlled by a single powerful entity, each individual takes on some of that power by nature of his or her participation.
Power is not granted, it is earned.
More importantly, within this framework, power is not zero-sum. Paul doesn’t need Peter’s power (or money) to thrive.
Each individual is in control. Ownership is inherently sovereign
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2 comments:
Despite a much better jobs picture, the Middle Class has never fully recovered and as we see from the declining retail picture, everything is not rosy.
On any given night, over half a million people in the U.S. are homeless, and half of them are elderly. There are 46 million Americans living at or below the poverty line, and 16 million children living in households without adequate access to food. Congress creates, on average, more than 50 new criminal laws each year. With more than 2 million Americans in prison, and close to 7 million adults in correctional care.
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