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Posted by on Oct 28, 2013 in Spending & Debt | 0 comments

How to enjoy the finer things in life – with a bad credit rating

How to enjoy the finer things in life – with a bad credit rating

Austerity has put a strain on everyone’s budget, and seriously damaged some people’s credit ratings. However, that doesn’t mean you can’t enjoy the finer things in life. It just takes a bit more creativity to do so. Instead of paying for everything with a credit card, you may have to opt to pay in cash. Instead of splurging for ownership, you might end up leasing for a period of time. You will need to seek out luxurious experiences instead of owning luxurious things. This way, you can still enjoy the finer things in life even with a bad credit rating.

How to handle a bad credit rating

First, a bad credit rating will keep you from going through normal routes of commerce for a variety of transaction, if you don’t take steps to handle that situation. You will need to start paying off your debt, but don’t leave your own bank account penniless. Opt for pre-paid credit cards, if you’ve lost the use of your standard credit cards. This will allow you to continue to have credit, even with a bad credit rating. Keep in mind that people who do have good credit are also willing to help you out to get what you need, despite your bad credit. They can act as co-signers or just give you use of their credit with a private agreement to pay them back. Knowing this, it’s a simple matter to keep a bad credit rating from totally ruining your life. As soon as you get back on your feet, the bad credit rating will start to fix itself as you make payments on time and settle outstanding debts.

Experience the good life with poor credit

Here are a few suggestions to keep having a good time in the meantime:

  • Lease, don’t buy – You can still wear designer clothing, beautiful jewellery, and look like a million dollars, while only paying a few instead. That’s because there are numerous businesses willing to lease these items for a week or a few short days and they won’t cost as much as to buy.
  • Avoid the crowds – Businesses that specialize in luxury cruises, hotels, and tourism have peak times that cost a premium. If you opt to go off-season, you can usually get the same accommodations at a fraction of the cost.
  • Use other people’s money – If you want to buy property, you can still do so if the buyer will also finance the purchase. This way, they can make a sale, and you can avoid the normal bank route to getting a loan, which will be impossible with bad credit.
  • Enlist the help of a bad-credit specialist such as Dreamloans – they can assist with financing options even when banks won’t even look at you.
  • Trade for what you want – Want a stay in Melbourne, Australia? Use air miles to get to your next caretaking job there. You won’t have to produce evidence of credit or even pay a penny. In some cases, they may even pay you to do the job as well as provide a free room.
  • Scout group and discount deals – Groupon.com regularly has spa and salon services advertised at half off the regular price. Look for group discounts, also. Do whatever you need to get the best deal.

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