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Good Credit Score Leads To Financial Freedom

Everyone with bad credit score has a unique story.  But you can take actions to enhance your credit situation.  To get on path to improve credit score, you need to know where to begin.  

As bad as it may seem, you will need to grasp your debt scenario.  That is first and most crucial step.  List all the debts that you have.  If you do not know your debts, you may get your credit report which will list all the debts you may have. You can get a free copy of your credit once every 12 months from each of the three major credit reporting bureaus.

The best way to pay down debt and fixing your credit score is knowing where to begin.  To create a rebuilding plan, first you must know what you’re dealing with. Your credit report will give you this information. Henceforth, it is important to monitor your credit.  The best way to accomplish monitoring is to get free credit report score and free credit report card from Credit Sesame.  Many folks have turned things around using strategies by Credit Sesame.

Attorney’s Guide to Credit Repair

Beware of credit repair services. Many of them will demand money upfront and promise way more than they can deliver. Then they’ll milk you for money until you wise up.

It is important to realize that by taking actions to minimize your debts you will improve your credit score. The better your score, the better deal you’ll get on a mortgage, car loan or credit card. A better score qualifies you for lower interest rates, which will save you money when you: Purchase car, take out a loan, apply for credit card, rent or buy home.

There are two possible ways to tackle your financial situation to attain quick recovery- Get a loan or get in debt relief program.

Getting a Loan

If you have debt obligation of $30000, you are likely to pay over $1000 per month as a minimum payment with no significant reduction in debt obligation.  So, by getting a loan of $30,000 for 5 years, your payment may be at $600/month.  The loan pays off all your debt and you will be paying only $600 instead of $1000.  How do you benefit, you ask?

  • Minimized your monthly obligations- from $1000 to $600
  • Paid off credit card debts- Immediate impact on your credit score

Debt Relief Program

The strategy is simple as above, but you need not get a loan.  The debt relief program entails in negotiating lower interest rates for your debt and paying off debt gradually.  You will be provided the time frame in which debts will be paid off.  The debt relief program is through third party.  It is important that you check out the third party before you opt to enroll in the debt relief program.

Attorney’s Guide to Credit Repair

As you are managing to reduce your debts, you may want to engage in increasing your earning potential.  There are many side hustles or online business opportunities that will add to income without affecting your present situation.

The path of managing your debts will lead to eventually in good credit scores.  With good credit scores, you will attain the financial freedom.

This article was published on 31.07.2019 by Prakash Kunjeer
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