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Going Broke in the Golden State: Bad Credit in California

By Karen Lawson
Mortgage Credit Problems Columnist


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California homeowners with credit problems can use some of their home equity to resolve consumer credit issues. If you're worried about bad credit, credit counselors and financial advisors can help you work with creditors to revamp your budget. Meanwhile, refinancing your mortgage loan can help you get the cash you need to pay off high interest credit accounts.

Knowledge is Power: Banishing Bad Credit

It doesn't take long to ruin your credit rating, as most credit card and loan companies report your payment activity to the credit bureaus monthly. The stress created by bad credit can cloud your judgment, but there is plenty of help available to California residents. You can contact a non-profit credit counseling agency or financial advisor for help in establishing a budget and paying off your bills. Thanks to the recent real estate boom in California, you may be able to refinance your mortgage, or take out a home equity loan for enough to pay off your consumer debt. This can also save on high interest charges while possibly gaining income tax benefits.

Home Equity to the Rescue

Bad credit loans are available, but it's a good idea to check with several lenders to get the best terms possible. The more home equity you have, the less the lender's risk. Try to avoid paying high fees for a bad credit mortgage or equity loan. If you have an adjustable rate mortgage, you may want to refinance to a fixed rate mortgage and take out enough cash to pay off debts. With the help of your financial advisor, your mortgage lender, and your home equity, you can soon relax and enjoy your California lifestyle once again.

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