If you’ve lost your job, gotten a divorce, had a death in the family, survived a natural disaster or a serious illness, or a hundred other things that can affect your credit, and right now your credit stinks, what do you do?
Weather it out until your financial circumstances change for the better by:
· Getting a better job.
· Realizing that you can’t pay everyone and choose ONE to pay off first.
· Making sure that you aren’t sabotaging your survival with alcohol or other drugs, gambling or some other future-threatening action.
Understand that credit can be rebuilt.
Make a repayment plan and stick to it.
If your bad credit is due to being overextended, eliminate the credit cards from your life by paying them off. If you struggle with hospital bills, do your best to pay them off. With either, begin with the smallest one. Then when the smallest one is paid off, apply that amount to the next one, and so on.
This list isn’t exhaustive, but it’s a good start. You CAN survive a financial downturn. Certainly never get yourself overextended again, and learn to live within your means, even if your means are very limited.
Tuesday, September 15, 2009
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment