Jul16
Who Says you Can’t Start Over?
Is there any way you can rebound from a poor financial past?
Absolutely.
Does it take time, effort and patience?
Absolutely!
Recovering from a past of late and missed payments, overdue notices and mounting credit card debt can be overwhelming and time consuming, but it can be done. With a great deal of patience, perseverance and hard work you, too, can begin to repair your financial past and look forward to a bright financial future.
Your Action Plan for Improving your Credit:
- Order a copy of your credit report from all three of the national credit reporting agencies and pour over every detail included in these reports. If you notice any discrepancies or errors, immediately report them to the appropriate credit agency, as small mistakes can wreak havoc on your overall credit score.
- Make a list and prioritize your debts, preferably according to the oldest debts or those with the highest interest rate. Use your credit report to complete your list so that you don’t forget any debts.
- Make a budget and stick to it. While you’re at it, look for other areas in your monthly budget on which you can cut back. Do you need a cup of coffee from your local café every morning, or can you save your money by instead bringing a cup of coffee from home? Do you need premium cable service, or can you downgrade to a basic cable service?
- Contact your creditors and ask for easier payment plans or a decrease in your interest rate. They may deny your request, but they may not! It’s never too late to ask!
- Make the minimum payments on all of your credit card debt and put all of the extra money towards the highest interest debt. After that card has been paid off, continue onto the next card until all the debt has been paid. It is important to continue paying at least the minimum payment on all of your other debts during this time! This may be a long, arduous process, but keep your ultimate goal in sight so that you can lead a more financially sound future.
