Some folks right now are in a financial crisis because they used credit cards to give themselves instant gratification. Others are struggling due to illness, divorce, job loss, or cutbacks in pay.
Whatever the reason, their credit scores have dropped to the basement.
If you’re in this situation, you know that having low credit scores is expensive. From the interest rate you pay when you borrow to the premiums on your insurance, you’re penalized when your scores are low. And because of those added costs, it can seem impossible to get ahead. If your credit scores have dropped and you have outstanding credit card balances, the bulk of your monthly payment is going to interest.
But feeling sorry for yourself never helped anyone, so the best course of action is to adopt a new attitude, set a goal for success, and turn raising your credit scores into a game.
How can this be fun? Because the outcome is so positive. And because regaining your financial status can feel like a way to “get even” with the banks who raised your interest rates. Sad but true, many consumers today see the banks as greedy giants trying to suck away their money. Preventing that can feel mighty good, and keeping all the money you’re now paying in interest will feel good too.
First, order your free online credit report with scores, so you can see exactly where you stand right now. Watching your scores go up will be part of the fun. Then, create a budget and a payment timeline – so that you never, ever, waste money on another late payment.
Then find ways to can pull a few dollars here and there from your monthly spending – and use those dollars to get rid of your debt.
Finding many small ways to cut expenses can turn into a game if you approach it with the right attitude. And one dollar here and five dollars there can really add up over the course of a month. Once you get started you’ll probably be shocked at how many dollars you can keep in your wallet when you pay attention.
When you use the “found money” to eliminate debt, you will feel like a winner – especially when you watch your credit scores rising - and when you know that you will never pay another dime in interest on the debt you’ve eliminated.
CreditScoreQuick.com
