Tuesday, 20 November 2007

Bad Credit advice

Debt is a worrying feature of today’s economic environment, and I believe all of us should be striving to free ourselves from debt where possible.
Credit card debt is a millstone dragging a great many households into a never-ending debt cycle which can only be beaten through determination and making some economies (sometimes unwelcome) in the way we spend our money.

If you find yourself with a bad credit-rating, there is a new resource which can help by providing resources for getting your own credit score and ‘repairing’ your bad credit record My advice, if you are in a bad credit situation, would be to remember to read all the small-print and add up any charges before signing up for something, your only route to improving your situation is to spend less (however obvious that may seem, sometimes the simplest messages are the ones we ignore!). This resource also offers a range of credit solutions for those with a bed credit rating.

Personally I have cut about $8000 off credit card bills in the last couple of years and plan to lose the rest with free 0% credit cards, but that hasn’t meant that I haven’t had to curb spending, quite the contrary, my spending has been dramatically cut and I hardly ever even take any money or credit cards with me when I go out – plenty of time for that when I am debt free!

For me the lure of being debt-free has enabled me to focus on the future and being prepared to go without today. Even if you think your debt is manageable, keep a record of how quickly your debt is rising (especially over Christmas) and you might be surprised at how easy it is for us to be comfortable with our debt.

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