Got Bad Credit?
Bad credit is nothing to be ashamed of. Before you begin the process of repairing your credit, ask yourself why do you have credit issues? It is far more common than you may realize. Often it may not even be your fault, like Gerald and Lisa.
Gerald and Lisa’s Story
They invested five years and used their savings to start a small sign company. One summer someone broke into their business office and stole all the computers and expensive sign-making equipment. Unfortunately, Gerald & Lisa didn’t have insurance to cover their stolen property, so they took out loans to replace the items to stay in business. It took them years to recover financially from this experience which left them with bad credit.
On the other hand, like John, some people make poor credit decisions. John received his first card shortly after graduating from college. He was flooded with offers for more credit, which he promptly accepted. He wanted to show everyone that he was a success at his new career as a sales manager, so he filled up all his credit cards.
John began the juggling game of “robbing Peter to pay Paul,” which only got him deeper into debt. He took out a consolidation loan to pay off all the cards, putting the debt in one big payment, however, having zero balances on the cards proved too much temptation for John as he maxed out his card limits. John finally declared bankruptcy because he was so deeply in debt that it was beyond his ability to ever pay off.
Defining the Root Cause of Your Credit Problems
Take a good look at what is going on in your life. Why do you have credit challenges? Are you in debt because of circumstances beyond your control or is it a chronic situation? Are you still getting deeper into debt or are you trying to fix the problem? Examine the root cause of your credit issues.
Take the following 2 steps to help relieve some of your credit challenges as soon as possible.
- Contact the credit card companies and see if they will work with you to help lower the monthly payments.
- Talk to a financial services company, like Financial Education Services. They provide budget counseling, credit education programs, debt management assistance and credit restoration. They have agents nationwide in the United States.
Beware of some debt consolidation organizations that will help you with debt consolidation loans as they are often very costly.
There is no quick fix for bad credit problems, but with a little patience and determination, you can get it under control, end up with great credit and the feelings of success and self-worth that go along with it. So take the first step and determine to get debt free today!
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