If you have fallen behind in your payments, the only alternative is to begin immediately to repair your credit record. Here's how:
Face up to the problem. Recognize that you are overextended, and contact your creditors to see if they will set up a new payment schedule that you can maintain. Contact creditors to try to work out a payment plan that you can live with. In any case, never ignore bills.
Immediately stop purchasing with credit. Take your credit cards out of your wallet. Store them in a spot that is inconvenient to reach, or even cut them up.
Consider consolidating debts.You may find it easier to make a single payment rather than several, and you might obtain a lower interest rate that will make it easier to keep up with the payments. Remember that debt consolidation is not a cure-all: you have to learn to control your spending to avoid future debt, too.
Contact a credit counseling organization. You can obtain referrals for organizations in your area through the National Foundation for Credit Counseling's member agency locator, (800) 388- 2227.
Don't expect miracles. Don't believe companies that promise to fix a poor credit rating quickly and painlessly for a fee. As long as it is accurate and timely, negative information cannot be removed from your credit record. The only way to improve a credit record is to let time pass and establish a record of on-time payment.
RSS
If you have fallen behind in your payments, the only alternative is to begin immediately to repair your credit record. Here's how:
Face up to the problem. Recognize that you are overextended, and contact your creditors to see if they will set up a new payment schedule that you can maintain. Contact creditors to try to work out a payment plan that you can live with. In any case, never ignore bills.
Immediately stop purchasing with credit. Take your credit cards out of your wallet. Store them in a spot that is inconvenient to reach, or even cut them up.
Consider consolidating debts.You may find it easier to make a single payment rather than several, and you might obtain a lower interest rate that will make it easier to keep up with the payments. Remember that debt consolidation is not a cure-all: you have to learn to control your spending to avoid future debt, too.
Contact a credit counseling organization. You can obtain referrals for organizations in your area through the National Foundation for Credit Counseling's member agency locator, (800) 388- 2227.
Don't expect miracles. Don't believe companies that promise to fix a poor credit rating quickly and painlessly for a fee. As long as it is accurate and timely, negative information cannot be removed from your credit record. The only way to improve a credit record is to let time pass and establish a record of on-time payment.