Bad credit loans in your state

Bad credit loans Massachusetts

Personal loans for bad credit Massachusetts

Credits are our liabilities, that is, our debt on consumer loans, mortgages, credit cards, other loans.

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When desire arises! Wishes are a great motivator. If there were no desires, we would not do many important things.

There are two options for the relationship to desires:

  • We are slaves of desires
  • Desire is our incentive.

What do you prefer? When a person has a desire – he has a motivation.

Imagine a child who already knows how to crawl. He sees a toy in the distance, he really wants to get to it. What happens next? The baby is crawling, struggling to get up. What happens to his muscles at this moment? They develop, become stronger. Watch the children, with what dedication they want to achieve their own, win, win, come running first!

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At some point in life, all these desires disappear and the person begins to be content with small things, shrink, deceive himself, ceases to develop. It turns out this way: when a person has a desire, he immediately takes a loan and what happens? The man is actually deceiving himself! All the motivation that is caused by desire and is given to man by nature, is not used for the manifestation of forces and the search for opportunities. It is being replaced by a surrogate – why strain, make efforts, think, develop? After all, here it is – an affordable consumer loan! Here and now!

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Only for some reason, no one thinks that a person sells his time for several years in advance for a thing bought on credit. If you sell your “tomorrow” all the time, then in the end there will be nothing left of the future …

How to get a loan with bad credit Massachusetts?

Fortunately, not all loans are equally bad. Loans are divided into “good” and “bad”, “smart” and “stupid”. Consumer loans that go to the acquisition of assets that do not generate income, but only increase our costs – these are “bad” and “stupid” loans.

“Bad” or “stupid” loans go to the acquisition of Other assets and increase in Costs. “Bad” loans jeopardize the formation of reserve capital.

“Bad” loans are directed to the acquisition of Other assets (for example, cars and other assets that do not bring us income) and an increase in our Expenditures (household appliances, clothing, vacation, etc.). In addition, there is a risk that payments on loans may increase our expenses so much that there will be no funds for the formation of the Reserve Capital. Then there will be a violation of the cash flow system, and all revenues will go directly to Costs. And this is a plan for poverty.

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With problem loans need to do something. After all, while they are on the balance sheets of banks, financial institutions should hold huge reserves to cover them. This prevents them from conducting full-fledged activities and directing cash flows to more “useful” areas, such as loans.

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Every bank believes that to solve this problem it is necessary to prepare a legislative field. Among the proposals of the regulator:

  • protect the rights of creditors;
  • solve tax problems in dealing with distressed assets;
  • create a legal field for the secondary loan market;
  • create favorable conditions for restructuring;
  • create a debt management company.

Company

According to the draft law on debt management activities, a debt management company should be a joint-stock company with a minimum authorized capital . However, it should not be a bank and falls under the supervision of National Financial Services.

The activity of such a company is not subject to licensing and consists of:

  • working with the debtor on possible ways to pay off his debts;
  • loan restructuring;
  • investing in the debtor’s assets and participating in the restructuring of the debtor’s loans;
  • the provision of intermediary financial services.

By law, buying or selling debt by a similar company is not a financial transaction. She can buy or sell loans at a discount. In this case, the debtor can redeem his debt from such a company.

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Before a company can access, the bank must recognize the problematic nature of such an asset. Further, the financial institution signs a contract with a company that assesses the borrower and the asset, and, ultimately, offers possible solutions to the problem.

After that, the bank has two options: to restructure the debt or sell it to the company.

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