Take Charge of Your Credit Score!

Time for you to take charge of your credit score!

Most people think that there is magic formula to confident womanrepair their credit score but there’s none. The truth is, you need to be honest with yourself if your aim is to get a better score. There are many excuses to pass the blame when it comes to your credit problems, but in fact there are more reasons to take it yourself. As long as you decide to be mature and take responsibility for your finances, then you will have no trouble repairing your credit. To improve your credit score, all it takes is to change your lifestyle and ensure that you meet your monthly obligations.

The strange thing about credit problems is that most people who have trouble with low credit scores,  actually have pretty decent jobs. It’s not that these people do not have any money going into their bank account on a regular basis, but the real problem is that they do not know how to manage that money.  Especially if an expected emergency comes up and they have nothing put away for a rainy day!

Instead of sticking to the basics, and only buying things that they actually need.  Its become acceptable, and expected, that we keep up with the “Kardashians”!   This is a manageable problem at first, but you will eventually end up spending even more money than you are bringing in on a monthly basis. This is where the credit card debt  really becomes a problem, and credit scores start to drop!

The first step to get fixing is problem is to access your needs versus your wants.   Do you really need that new jacket or can you get by with the one you already own.  Once you can discern between “Needs” and “Wants” It is a quite painful experience to go through at first, and some people actually think it is analogous to a drug addict who continually needs another hit of the drug. In the case of the person with a poor credit score, the drug of choice is more debt.

The next step to repairing your credit score is to prioritize your spending. You should really just think about spending money on the necessities and paying down your debt. You may not be able to go out with your friends every weekend, and you may not go out to dinner as often as you’d like, but paying down your debt really needs to become a priority at this point. Once you have started to pay off your debt, you will notice that you are filled with less stress during the day because you know you are actively taking care of the the problem.

2 comments

  1. A lot of people fall into the trap of not appreciating that they need to take care of their needs over their wants. People build unbelievably high amounts of debt, because they think that they can get away with spending what they want, and just applying for a new loan when they run out of money. However, this behaviour ultimately catches up with them…

    • Hi Phillip! That is so unbelievably true! When i have clients that sit at my desk and I see their debt to income ratio I’m really shocked! They are literally a paycheck away from bankruptcy! Anyway I’m glad you liked the article and I’m hoping you will share this article with your friends!

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