Navigating Chapter 13 Bankruptcy

One of the most important things to keep in mind while going through Chapter 13 bankruptcy is that if you absolutely must borrow or take out a loan for a mortgage or car purchase, you are not allowed to do so without court permission. A judge must sign off on any borrowing or loans you might need, including payday loans. 

To get on the right track again, there are some key measures you want to focus on. And some that you can also carry into your life post-bankruptcy: 

1. Apply for a secured credit card. The point of a secured credit card is to have an account that acts as a security deposit for the lender. This will be held as collateral until the account is closed. 

2. Comb for charge disputes. Keep a lookout for charge mistakes on your accounts and dispute every one you come across. This can further help you chip away bad credit.

3. Make your payments on time. This may go without saying but staying on top of your payment schedule and paying a little more than the minimum balance is one of the best things you can do. It all comes down to discipline. 

Stay Away from Payday Loans in Chapter 13 Bankruptcy

If there is one thing the experts at Progressive Debt Relief recommend, it is to stay far away from payday loans. There are some very valid reasons why: 

1. High Interest Rates. The interest rates on these loans are incredibly high to generate revenue from unaware borrowers. 

2. Instant Interest Accrual. Interest on these loans begins compounding immediately. There is no grace period. 

3. Rehash bad spending habits. You cannot deny the allure of instant cash. But relying on this too much, too many times, can lead to massive debt and fees. 

Contact Progressive Debt Relief

The debt counselors at Progressive Debt Relief have the experience and programs you need to avoid predatory payday loans. Our team will put together an an effective debt settlement program so you can begin to build your credit stabilization. To find out more about our services, or to schedule a complimentary consultation, contact us today at 877.590.1847.