Answer: Military loans are available to individuals with bad credit. However, the amount of money you qualify and the rate may vary depending on the individual situation. For example, the reason you’re applying for the loan may affect the type of loan you qualify for. If the loan is for travel expenses to aid in your arrival back home, you may qualify for a home leave assistance loan. In most cases, service members qualify for $1,000 at an interest rate of 9.95% APR. However, if the loan is for a personal luxury item (say an iPad) you may qualify for a Help loan- which is a one-time, non-rollover loan for $500. So, depending on what you intend to use cash loans for, will determine which types of loans you qualify for.

Read more on the dangers of military loans

First and foremost, as a young professional, it’s important to repay your student loans as well as any outstanding cash loans. Because you likely don’t have a long credit history, repaying student loans will be one of your first opportunities to build your credit score. Also, realize that failure to make your payments on time will have a negative impact on your credit.

The second thing to remember is: save, save, save. For most young people, their first “real” job come their first big paycheck. Typically, the temptation to spend is far greater than the discipline to save.  However, it is critical that you set aside an emergency fund for unexpected bills- so that you avoid costly loans for bad credit.

First and foremost, as a young professional, it’s important to repay your student loans as well as any outstanding cash loans. Because you likely don’t have a long credit history, repaying student loans will be one of your first opportunities to build your credit score. Also, realize that failure to make your payments on time will have a negative impact on your credit.

The second thing to remember is: save, save, save. For most young people, their first “real” job come their first big paycheck. Typically, the temptation to spend is far greater than the discipline to save.  However, it is critical that you set aside an emergency fund for unexpected bills- so that you avoid costly loans for bad credit.

A cash loan is based on proof of employment and income. In most cases, lenders will not run a credit check or use a credit score to qualify applicants. These are ideal loans for bad credit. However, it’s important to understand that a payday advance is one of the most costly loan products available. Interest fees usually range within 300% to 600% or even close to 900%.

A credit card is issued based on your credit history, amount of debt, and ability to make the monthly payments. Like cash loans, credit cards typically have pretty high interest fees. However, if you can qualify to get a credit card- that’s a probably the way to go. Before applying for either product, be sure to shop around and compare rates.

Read more on the Fed’s website for credit cards

If, however, the deceased is your spouse and you live in a community property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin), debts acquired during the marriage are considered community property and you are likely responsible for them.

If you feel like you’re being held accountable to pay money for a debt that you’re not responsible for, you should get in touch with a consumer law attorney. Or, if you’re struggling to repay legitimate debt of a deceased relative, it may be a good idea to consult a debt consolidation company.

The second phase of the roll out, and the most extensive, went into effect on February 22, 2010.

But what exactly does the CARD Act mean for consumers? How does is effect your personal credit? Read more about the major provisions of The CARD Act.

Are your credit card bills piling up on your counter top? Feeling overwhelmed and need money now?

The best way to take on a mountain of bills is to sit down and map out a plan of attack. With a plan in place, you’ll be able to rest easier and avoid any additional stress. First, decide how much you can afford to put towards your credit card payments. Your first priority is to pay your basic living expenses; things like rent, utilities, food, etc. Then, take each credit card statement and lay it out according to highest interest rate. Take half of the amount you’ve set aside for credit card bills and put it towards your highest interest rate card.

For example, let’s say you can afford to pay $250 per month towards all of your credit cards. The first $125 should be put towards the highest rate credit card. Next, take the remaining $125 and divide it among the other cards. Repeat this process each month until you pay off every card. You’ll be glad you did, when you no longer need money to pay credit card bills. Instead, you can focus your energy on things you enjoy.

The interest fees on payday advances are calculated differently according to your state regulations. Typically, most cash advance interest fees are calculated based on a percentage of the loan amount. This fee, if calculated in terms of an annual (meaning one-year term) is 300%-800%. However, it’s important to understand the difference in a one-year loan and a payday advance. Because a payday advance usually has a 14-day term, the interest applied appears to be much higher than it actually is. For example, the average interest fee is $15 for every $100 borrowed. So, it may appear much more when calculated with a one-year term.

1. If they don’t already have a savings and checking account, it’s a good idea to set them up with one. Teach them the importance of putting money in their savings account each month. That way, when an unexpected bill pops up- they won’t have to turn to a cash advance.

2. Encourage them to get a part-time job while they’re still in school. Having a job will teach them responsibility as well as how to handle money.

3. Encourage them to focus on their studies and explain the importance of scholarships and grants. This way, they’ll avoid having to take out huge student loans for college. They’ll thank you later, when they don’t have student loan payments that cost as much as their rent.

For more information on reforms on student loans, checkout the Whitehouse Blog- student loans.