Bad credit situations need not mean the end!

Advertising Disclosure

Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Research » Guides » Building Credit History » Bad credit situations need not mean the end!

Bad credit situations need not mean the end!


Updated: December 26, 2012

By
Add to Favorites:
Credit card bills are something everyone has. What makes it difficult is when the means to pay is not there or when you find that you are suddenly overwhelmed by all the financial decisions that are looming. There are loans, mortgages and over that credit card bills which seem never ending. Things are bad and you may have missed a couple of months of payments. It is not necessary that it will completely pull you down. It will certainly have been reported to the credit bureaus and will have had an impact on your credit scores, but it is not something that cannot be improved upon. So long as you know you need to start someplace and that there is a way out, you can work things out somehow. Bad credit refers to the blemishes acquired when someone neglects to pay on time or misses a due date altogether. When there is a lag in the payments then there is a bad credit situation. This is something a lot of families in America are dealing with. Particularly post recession, without a stable job and a steady income it is getting too difficult for people to work with their existing credit situation. When you have a bad credit situation to deal with you need to start at the beginning. Firstly request for an annual credit statement from the credit unions so you know where you stand with your credit scores. Once you know where you are at you will know how hard you need to work and how much you need to pull yourself back on track. Things need not be extremely difficult or impossible if you have a will to get out of debt. You should also be aware of your rights as a consumer. You have a right to sue the creditors or file a complaint if they are calling you and harassing you at odd hours or contacting neighbors or people at work about your debts. There are fixed timings at which they can call you and they may discuss your debts only with you and no one else unless someone has been authorized by you to discuss it. There are also debt counselors who can help you find a way back when things seem to be going bad. They can discuss what your options are and also what needs to be done to set things right. When you have worked your way through the debt situation and got a foot hold on paying what you owe back, you need to organize your life more. Firstly check out what are additional purchases and luxuries you indulge in that you can cut down on. Stop paying for everything with your credit card. Use it only for something that is extremely important and cannot be done without. For everything else pay with your debit card, if you can`t afford it don`t buy it. What you buy on credit will require payments over and above the amount when the interests add up.

Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

Interest Free Credit Cards: Pay No Interest Until 2019

Interest Free Credit Cards: Pay No Interest Until 2019

By Credit-Land, Posted: May 23, 2017

Carrying a balance on a credit card is wasting your money on interest fees. It is easy to avoid interest payments on purchase transactions by paying off the entire card balance by the due date each month. But what to do if you are already ... Continue reading
Dashlane: Password Management and Shopping Ease in One Simple Product

Dashlane: Password Management and Shopping Ease in One Simple Product

By Angela Rose, Posted: May 3, 2017

Are you terrible at remembering passwords? Are you so terrible, in fact, that you often use the same one for multiple websites? If so, you’re not alone. Continue reading
SoFi Making Lending Social

SoFi Making Lending Social

By Dar Dowling, Posted: April 26, 2017

Since 2011 SoFi, a San Francisco based online lending company, took the lending industry by storm, when they became the first online lender giving people access to affordable student loan refinancing. Continue reading