What To Do When Your Credit Is Out Of Hand
Bad credit can actually happen pretty quickly if you aren’t careful and you don’t know how this credit thing really even works. They don’t do a lot to cover this subject in high school, so many kids hit college and take out credit cards and loans and suddenly find themselves in debt. Once you’re there it can be hard to get out.
If your credit has gotten control of you there are things that you can do to get a handle on it again. Good credit is important if you ever want to own your own home, get a good job, or buy a new car. Sometimes even apartment complexes look at your credit before renting to you.
Don’t risk homelessness for the cheap thrill of freely spending with a credit card you didn’t realize you’d need to pay the money back to. Start fixing your credit now, even if you only have a little money to work with.
Look To A Repair Company
You’ll find mixed reviews from people when it comes to credit repair companies. Some people swear by them and other people swear about them. You can find some great articles, like this one, online that will help you pick out the best and most reputable companies to help you get your credit under control.
Many of these companies will work with you even if you have low income. They can bunch all of your debts into one so you can make a single payment as well. They might even be able to help you negotiate some payoff deals and save you some money on what you owe.
Try Crowdfunding For A Cushion
Crowdfunding is the new way to get grants these days. You throw together a campaign, include some good photos and maybe even a video, and then spill your heart in the hopes that your friends, and friends of your friends, will donate money to you so that you can take care of whatever issue you have, in this case, your bad credit.
Do some research to find the crowdfunding site that is best for your needs. There are many options out there, but some are better suited to individuals in need of help and others are more for people wanting to launch a business of a creative project.
Cut Up Your Credit Cards
If your debt stems from credit card abuse then it may be time to cut up those cards. Learn to only spend the money you actually have. Get those cards paid off quickly as well, since those interest rates will continue to add up.
If your debt is from loans they need to be paid off quickly as well, for the same reason. A student loan can quickly go from single digit thousands to double digits in just a few short years if you aren’t making payments.