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Bad Debt and Debt Management

A history of bad credit has been common knowledge among creditors, and it’s hard to escape the impression that this fact is just a part of the game: bad credit is debt management which aims to hold on to debt, and borrow money at a high interest rate.

Not very creative of you to say the least? Well, there’s a good chance that you — and your creditors — are really only beginning to accrue debt. But the point I’m trying to make is that there’s no quick fix for bad debt – only solutions. Here are five of the most requested ‘do’s:

1. Debt Consolidate: Pay your creditors the minimum payments required by local laws. If you’re already neck deep in debt and you don’t have any way to cut it, go back to your old, obsolete method of paying your bill. You’re going to have to make a choice. “No, I have to make that decision right now.”

2. Poor Credit Counseling: Ask for some serious time off from work – and nothing will come of it. Your creditors are going to demand a better deal, so stop whining and go elsewhere. And remember – if you can’t make your payments, who are you really going to help?

3. Rebuild Credit: No one will ever rebuild your credit except YOU (your creditors). If you need help in rebuilding your credit, the answer is probably something worse than bankruptcy. Even a one-time solution to bad debt and debt management is going to leave you deeper in debt than you were when you first started out.

4. Debt Consolidate Over 6 Months: Don’t be coerced into going back to an antiquated and obsolete method of paying your bill unless it’s a HUGE undertaking that you should undertake. Don’t wait a full year (or longer) to become a ‘fraud’ and try a debt consolidation program, or ask your agent or someone providing a consolidation loan for your needs.

5. Bad Credit Myths: Are you being pampered by your creditors? I bet you are. Are you being pampered by your creditors (and your parents)? Then you shouldn’t be concerned.

If all’s well, the world will undoubtedly see a ‘recovery’ in the process: a credit turnaround that will free up your credit in the long-run, with the same low rates and interest that your parents’s interest rate had been. What’s worse, if you never got on the road to recovery – and your parents – were unable to once again get credit ‘&’ back ‘? would that have meant nothing? (The Internet gives you the answer.)

If all’s not well, it’s time to stop whining about ‘bad debt and bad debt management.

3 Strategies For Improving Your Credit Report

1. Prepare yourself for the exciting times of the future.

Not so hard a task if you have access to your credit report, right? Fortunately you do have some excellent strategies that can prove fruitful in the future.

Let’s take a look at the 3 most important things you need to ensure your credit report is spotless.

1. Get your budget documents

While most credit report woes are caused by bad decisions and missed payments, some might still count those letters of credit. Good credit report management is one of the best tools you can have. If you do not have the budget documents to properly handle finances and papers, many creditors will not accept your application or offer you a loan. Not to mention they will make huge fortune and fear m shopping you around.

2. Always pay on time

Many people will pay late with the same type of problems as above. Paying late with one bill will set you back 2-3 bills, after a good 30 days. If you have copies of your bills then this is the time to call your creditors, dispute those bills, and then work on paying them.

3. If possible, get paid on time

A bill payment is a monthly recurring payment, and you will have to work at it if you wish to maintain your status as a good credit-file saver. If all else fails, follow a three to six payment plan every month. A few of these plans will require an add-on payment each month. Most also state that you never have to make that payment unless you absolutely need it.