Credit Repair
I would not be surprised if many have maxed out their credit cards during these bad economic times. It may have been difficult to making due with what finances came in and there is nothing easier then making use of the credit these cards provide.
Unfortunately, this borrowed money needs to be paid back on time, unless you like to spend years on credit repair. Before you know it, you have bad credit and your credit scores have taken a nose dive. In case this has already happened; there are several options to take charge off and resolve your personal finances.
I read somewhere that credit repair can be achieved by starting to pay off the smallest amount of your debt, while paying just the minimum on all the other cards. Once the smallest one is paid off, you move on the second smallest etc. It is nice if you can do that, but if you don't have a penny to spare then paying off even the smallest debt is no option.
The best way would be to put all your debt on the card with the lowest interest rate. That has several advantages: you have only one payment a month, you save the money which otherwise would have gone to pay the higher interest and can put that towards your credit.
The result could be a quicker paid off debt and consequently a quicker credit repair. Of course you could also take out an unsecured loan or consolidate it in the mortgage. I sure hope you don't have to do either one of all of the above!
Unfortunately, this borrowed money needs to be paid back on time, unless you like to spend years on credit repair. Before you know it, you have bad credit and your credit scores have taken a nose dive. In case this has already happened; there are several options to take charge off and resolve your personal finances.
I read somewhere that credit repair can be achieved by starting to pay off the smallest amount of your debt, while paying just the minimum on all the other cards. Once the smallest one is paid off, you move on the second smallest etc. It is nice if you can do that, but if you don't have a penny to spare then paying off even the smallest debt is no option.
The best way would be to put all your debt on the card with the lowest interest rate. That has several advantages: you have only one payment a month, you save the money which otherwise would have gone to pay the higher interest and can put that towards your credit.
The result could be a quicker paid off debt and consequently a quicker credit repair. Of course you could also take out an unsecured loan or consolidate it in the mortgage. I sure hope you don't have to do either one of all of the above!
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