There are millions of people in the world that have poor credit, so first and foremost, realize you are not alone! However, having bad credit is not beneficial to your financial future. I intend on explaining to you the reasoning for this, as well as helping you find the right solution for your credit problems. There is light at the end of the tunnel! There is a way to free yourself and your family from financial burden, read on to find out.
Credit is an ongoing problem in the United States, and to help rectify the situation, several types of debt consolidation companies and law firms have become available. According to Trinity Credit Services, "The average American with less than perfect credit spends an extra 30-40% per month in higher interest rates."1 Do you want to be the average American? I would hope not! An alternative resource to using a credit repair agency is a debt relief attorney. Keep in mind, all of the services offered by credit repair agencies and attorneys are steps you can take yourself, if you make the time to do so. The process is simple, however also time consuming. Your first step would be to search online for your credit report. You will discover there are several avenues to take to obtaining a free report covering all three of the major agencies, Equifax, Experian, and TransUnion. Any way you choose to go, here are some questions to keep in mind:
Is the company/firm licensed and bonded? What is their Better Business Bureau rating? How long have they been in business? Can you physically go to their office and arrange a consultation? Do they charge for a consultation? Do they use a multi-stage process or the single process of letter writing?
If you choose to use a debt attorney rather than an agency, several options can be located on the internet, just type "debt repair attorney" in the search box. What you will find is that there are many firms offering the same services, so you will begin to wonder why you should choose one over the other. The previously mentioned food for thought will help you figure out which service best fits your needs. Good credit goes a very long way in today's economy. Just think about a few reasons you would like to have good credit. Would you feel more financially secure? How about more disciplined with your spending?
Words from the mouth of Steven Covey have stuck with me through the years of credit woes, and through my journey to financial freedom. Covey, author of the book, "Seven Habits of Highly Effective People," identifies the first three habits as lessons to improve your self-discipline. Covey emphasizes a change in one's personal habits as the start of the journey to success. So, I will recommend the same. Sit down with a spreadsheet and map your spending. Plug those values into a budget calculator, and try to cut back in areas that are not necessary. For example, if you're spending $100 on dry cleaning, become more disciplined in changing and hanging your work clothes when you get home so they can be worn again before needing to be cleaned. Simple tasks like this will begin to save you a good chunk of money before you realize it. When the end of the month comes, and you have only spent $40 on dry cleaning, put the other $60 into a savings account for your children's college education, or a nice vacation for yourself. You will see the money grow at a rate you cannot even fathom! The three major credit bureaus are:
Equifax: Experian: TransUnion: 3-in-1 Report:
Here's to unleashing the path to your financial success! Good luck!
One of the most shattering events in life can be the reality of experiencing good personal credit totally deteriate to bad credit. Good credit can be likened to a badge of honor bestowed upon a well deserving citizen of a country who in turn wears it with the utmost dignity and pride. On the other hand, bad credit is the disgrace and shame a person must endure because their previous honor has been stripped and their former status in society nothing more than a distant memory. Such a transition occurs seemingly in an instant even though it may have subtly crept in over a period of extra leverages and a few negotiated extensions with a genuine hope of rising above the odds of failure.
In its pure form good credit is a status of favor and trust that an individual builds up over an extended period of time and in most cases over many years. This status of good credit can only be established through faithful business interaction resulting in a reward of well earned trust and respect being bestowed upon the relationship. Such a relationship seems to manifest its own sense of honor and pride that perpetuates itself in the regular course of a vibrant business relationship. Unlimited opportunities of success seem to be at the very doorstep of persons who are fortunate enough to be involved in the middle of such an extended favor.
Bad credit on the other hand is the deterioration of that good credit where the relationship between the parties becomes only an outward appearance of the former state of affairs. The previous bonds of trust and goodwill completely disappear from the relationship with the best outcome in most cases being only a whimper of hope for future interaction. With such loss follows the agony of shame and a sense of reproach where heads turn and voices whisper replacing the once familiar respectful awes and enviable glances. Those traveling down the unforgiving path of bad credit must carry the emotional luggage of regret and despair.
The realities of "good credit" turning to "bad credit" is an ongoing tragedy in the life of human beings which seems to test the very essence of life itself. Such transitions from "good credit" to "bad credit" seem to happen in an instant, even though it truly occurs over an extended period of time. It seems that all the respect and pride accumulated over the years of business transactions become almost meaningless. It is during such difficult times that the true character and innate abilities of resilient individuals come to the forefront and the survivors of such crises become heros and legends of their time.
Both Connie Barker & Bradley Darville are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Connie Barker has sinced written about articles on various topics from History, Finances and Debt Consolidation. Connie Barker is the owner of several financial websites including those which deal with . Connie Barker's top article generates over 40500 views. to your Favourites.
Bradley Darville has sinced written about articles on various topics from Debts Loans, Your Online Business and Franchise. B. J. Darville is an Accountant and online entrepreneur involved in the marketing of helpful personal financial information such as "How to Sell Your House" and "Credit Secrets" through his own private URL. Bradley Darville's top article generates over 5400 views. to your Favourites.