bad credit Archives - Suburban Finance

Credit facilities have made the world so much easier now. There are fewer things to worry about, and you’re never really in a financial situation a quick loan can’t fix. However, if you have bad credit, your access to loans will be significantly reduced. But then, did you know that bad credit can affect other parts of your life as well?

When most people think of credit scores, it never occurs to them that it can have an indirect effect on their housing, interest rates, and even stress levels. Let’s look at some of the other ways your credit score can affect your life besides loans.

Interest rates

The way a credit score works is that it lets lenders know how reliable you are as a borrower. When you pay all or most of your bills on time like you’re supposed to, it sends the signal that you’re in a good financial place, and are capable of meeting your financial obligations.

However, when you default, your credit score drops and lenders take that to mean you’re not able to pay your debts. The effect of this is that they accommodate your credit score by giving you higher interest rates. It also means that everything, from your credit card rates to even cash advances, will be subject to higher percentages.

Your self-esteem

As much as we might hate to admit it, the things happening around us have a significant effect on how we feel. If it rains on a day you planned to go to the beach, you’re going to be disappointed. If the power goes out while you’re watching your favorite TV show, you’re going to get upset.

Likewise, if you’re constantly told by banks and credit organizations that they can’t grant you the loans you’re looking for, you’re likely going to experience a lot of negative emotions. These rejections can deliver a serious blow to your self-esteem.

Housing and accommodation

Many landlords check credit scores before approving rental applications, and they do it for the same reasons banks and lenders do – to ensure you can pay rent. It’s much easier to get an apartment if you have a good credit score than it is if you have a bad one. Additionally, when you do get an apartment, you’ll probably have to pay a higher security deposit.

Stress and anxiety

With all the problems associated with a higher credit score, you’re going to have higher stress levels in general. Besides the factors we’ve already discussed, a low credit score can also affect your cell phone contract, the ease at which you get jobs, your insurance premiums, and even your car payments. All of these can compound to a lot of stress for you.

Fixing your credit score can mean more than just access to loans. It can also mean more favorable interest rates and better housing arrangements. It can even help you feel better about yourself. You can click here to find out more about how you can clear your debts and fix your credit scores.

For more of our great articles, check you:

Think Your Credit Score Doesn’t Matter In Retirement? Think Again.

Should You Pay Your Taxes With A Credit Card?

Seven Easy Ways To Fix Your Credit

There may come a time when you want plastic surgery, whether out of medical necessity or purely personal reasons. Whatever the case may be, it may not be an option if you have a poor credit history. However, this is not to say that it is not still possible. I was curious to see how to pay for plastic surgery with bad credit, so I did some research for today’s article. Keep reading to learn more.

The Rise in Plastic Surgery

Reconstructive surgery existed long before the first procedure was performed in the United States during the 19th century, but it was the emergence of motion pictures and television that boosted the modern movement of plastic surgery. And this phenomenon shows no sign of stopping any time soon.

According to their press release, the American Society of Plastic Surgeons (ASPS) released data recently showing there were “15.9 million surgical and minimally-invasive cosmetic procedures performed in the United States in 2015, a two percent increase over 2014.” In fact, the company also claims in the release that overall procedures have risen 115 percent since 2000.

With the evolving types of procedures patients can choose from, options are increasing and so are providers, ASPS President David H. Song, MD, MBA, FACS, said in the release. Unfortunately, despite the increase of providers, cosmetic surgery remains costly, especially if you want more than one procedure at once.

So, if you are looking for plastic surgery but have poor credit, what are your options?

How to Pay for Plastic Surgery with Bad Credit

If plastic surgery is on your radar, there are a few different routes to consider taking. These suggestions from Creditcards.com may be worth looking into:

Credit Cards: To pay for the expense of the operation(s), credit cards are an option. A standard card with an interest rate less than 10 percent used specifically for this could pay for the costs while also building your credit. You could also apply for a medical credit card like CareCredit to cover te surgery. These often have zero interest rate promotions for a certain amount of time following your approval. Creditcards.com recommends reading the fine print, though, as those rates can skyrocket if you miss a payment or do not repay the amount quickly.
Regular Loans: Obtaining a loan from your bank or a credit union could be a good fit for you. The problem is these unsecured loans will likely tack on to the overall amount you owe due to interest. The good news is that banks often offer loans with a fixed interest rate, preventing the interest the fluctuate throughout the course of repayment. The alternative would be to look into a secured loan where you promise an asset as collateral should you miss a payment. Secured loans offer lower interest rates for that reason.
Unsecured Medical Loans: Similar to a personal loan or credit card, unsecured medical loans are typically provided by a third party such as a doctor, Creditcard.com explains. This would be a potential option if you are having a hard time borrowing money from other sources, especially if you have a lower credit score. Watch out, though; these loans are known for having higher interest rates.
Payment Plans: You can always speak with your doctor to see if they offer their own payment plans. Some practices in a variety of medical fields will work out monthly payments with you based on your income or budget, but most do not do the procedure until the expense is paid for in full. It’s worth attempting to have that conversation with a plastic surgeon to evaluate your choices. Even though this type of plan would not include interest, you could still be sent to collections for missing a payment.
Savings: You could pull money from your own savings account to cover the costs of cosmetic surgery. Although you’d be reducing your account, you would at least not have to worry about monthly payments or interest rates.

If you’ve been wondering how to pay for plastic surgery with bad credit, the above alternatives hopefully present some realistic ways to receive your desired operations. Whatever route you choose, remember to make payments in a timely manner to prevent your credit score from getting worse. Also, make sure to outweigh the costs, evaluate your finances, and do your research prior to moving forward with your decision.

Have you ever had plastic surgery? What suggestions would you include in the list?

Photo credit: Brian J. Parker

Jenn Clark

Jenn Clark is a writer, PR specialist, entrepreneur, blogger and coffee enthusiast. A lover of laughter, traveling and cheese, she’s written about her life experiences here at suburbanfinance while at the same time growing other young professionals. You can find more of her work at Jennblogs.co.