Do you know your credit score is?

Do you even know WHAT a credit score is?

Don’t feel bad.

Most people don’t.

Your credit score tells lenders the type of borrower you will likely be based on your credit history. Scores in the United States run between 300 and 950.

The higher your score the more likely is it that you will be approved for loans at favorable rates and payment terms.

You might think your credit score is not a big deal unless you are trying to get a home mortgage or a new car loan, but in business your credit score is just as important.

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If you are looking for debt relief, then you are not alone. The average household is finding themselves overwhelmed with debt lately. With the cost of living increasing, rising costs and bills to pay, this creates difficult situations when it comes to credit.

Those who find themselves far in debt are having trouble dealing with their finances and finding a way out.

It is enough to try and figure out how you are going to make your minimum monthly payments, but when you factor in other bills and necessities it is enough to make you crazy. If you can figure out your finances, starting now then you are on your way to getting started.

One way you can try and improve your finances is through debt consolidation. This is when you take out a debt consolidation loan so you can pay off your existing debts and then you have just one payment a month. Many people find consolidating their debts to be very helpful.

This loan can help you to pay off those high interest rate loans and credit cards. There is confusion when it comes to debt consolidation. This is not lowering the amount of debt you are in; it is just moving it all to one place. Instead of making multiple payments a month you are now responsible for making just one large one.

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Credit card debt is like a creeping disease – but we can Eliminate Credit Debt and eliminate the disease if we know the rules of the game.

The credit card companies do not want you to know all the rules – they rule when we are ignorant of the rules! Did you get that?

Stores offer cards, gas stations, my old granny and her dog offer cards, and they stuff our mailboxes – how do the US Post Office handle it all? It’s too easy to have too many cards. When you charge your purchases, it doesn’t seem like you are spending at all.

But the numbers add up and one day – you owe a lot of MONEY! Yes, they want to get paid!
Did you know that the majority of folks who seek help for consolidation consumer counseling credit debt or credit settlement have been in trouble more than once?

The first and best way to start reducing credit card debt is to pay more than the minimum monthly payments – stop spending on things you don’t need! Make a list to carry with you – the essential need items and the nice items. Nice will have to wait. If you can’t do it and stick to it, then you have to take drastic action.

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If you don’t pay on time then you have to Eliminate Credit Debt. When the month is longer than your income – one fact is obvious – it cannot continue for very long – you have to stop the rot.

CRAs, the credit reporting agencies are a central information base for all credit card companies and they receive millions of reports every day. If you are a few days late, it might remain a secret, but if you go over 30 days, they’ve got you. This info will definitely reach your credit report and your score starts to fall. It can take years to build a good score, but months, or even weeks, to destroy a good one.

Now the closely guarded secret. The info they receive and the info they input isn’t always correct! Yes, you read right – they make mistakes! They are human after all!

And, thank goodness, we have the right to challenge any information we believe is wrong!
You should check your report every so often. You can download easily and even get a free copy when you are denied credit. Check it carefully. If you don’t know how; take it to a trusted friend and ask for help. If there is anything there you don’t agree with – challenge it in writing. Explain your reasons, give the facts and the companies are obliged to reply satisfactorily within 30 days. If they don’t; you have the right to demand the negative (derogatory) info be removed and your demand must be posted in your report so others can see it.

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Using credit cards can be a good thing and a very bad thing as well because so many of us get new credit card offers in the mail and it seems like we just can not resist. It is ok if we use credit cards responsibly and try to pay them off at the end of each month so that we do not have to pay the interest they charge. This is not so easy to do because when we charge items we can not really afford when the bill comes due it is hard to pay it off totally.

There are some techniques that you can use to pay off your credit card bills once and for all. The first thing you need to do is to make a list of all the bills that you have and make sure that you list the minimum payments you make and the interest rate that they charge. If you have missed any payments on these cards then it is possible that they have raised your interest rate to the maximum usually around 25-35%.

Next you need to make a list of all the things that you spend money on during the month and make sure that you include all items. You wan to look at this list and decide what items n there that you can either do without or reduce in some capacity such as making your own coffee in the morning instead of paying $4 for one.

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