Fix Your Bad Credit History Before It Spirals Out Of Control

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Credit Card Applications » Research » Guides » Building Credit History » Fix Your Bad Credit History Before It Spirals Out Of Control

Fix Your Bad Credit History Before It Spirals Out Of Control


Updated: December 26, 2012

The content is accurate at the time of publication and is subject to change.
Are you exhausted with the bills turning up every single day at your door? Are you wondering why you ever signed up for the credit card in the first place? These are thoughts every American has at the moment. With jobs being so unstable and loads of financial commitments, people are sinking in debt and wondering how to clear it off. Perhaps the most daunting figures are from credit card bills which just seem to add up no matter what you do to pay for it. You may not win the lottery but you sure can get out of this. If you have the resolve to close these debts and make things work despite whatever you may have to cut down on, there is a way. Firstly get your credit cards out and see what is being used where. If you have a high interest card or a card with high annual fees, focus on that first. Closing the balance there and also deciding not to charge the more expensive card would definitely be a wise decision. If the balance on it seems too high to work with, you can consider another option - a balance transfer. There are many companies offering free balance transfers to a 0 interest card. But of course there is a catch. It is for a promotional period. If you spend enough time researching you will be able to find a card that gives you a year's time. At least that way no more interest accumulates and you can pay it off just like the other regular cards. What people tend to neglect more is the fact that they have other bills in addition to credit cards, chances are you may need to take up an additional job after hours temporarily. Face it you are in trouble and no one is going to magically bail you out. You have got to steel yourself to be strong and work this out. For every crisis there is an answer if you only have persistence and courage to see it. Do not give yourself the time to feel overwhelmed by things. You are on a path to be debt free, and the stronger you stay about your resolutions and work out strategies the better you will do at it. When on a balance transfer another fact most people tend to forget is the procedure can take time and if it is during the time the due date on your old card comes up, you need to pay the minimum amount because you haven't done it yet. Until the balance transfer is complete you will have to pay the dues on your old card. When doing a balance transfer you need to be careful not to use it for spending. Firstly that defeats the purpose of it, which is to close the debt; secondly the interest rates on new purchases on the card are likely to be high. Retail therapy can wait till you close all your debts, it will feel a lot better and you will be free of these headaches.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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