menu

5 Ways To Repair Your Credit Card Debt



video
A credit card is a small plastic, rectangle-sized card which has a magnetic strip thatís connected to a credit account, and allows the owner to buy various goods and services. While owning a credit card offers its benefits, the sad thing is that if you donít use a credit card responsibly, you could face a soaring mountain of debt, which can help to taint, or entirely mangle, your credit score. Here are five innovative ways for repairing your credit card debt.

Pay Your Bills On Time

Each time you use your credit card for making various purchases, always remember to pay your bills in full each time they come due. Timely payments make for happy credit card owners, while late or missed credit card payments are an exercise in futility, and paves the way for your constant haranguing by collection agencies, and also cuts deep wounds in your credit score.

Avoid Getting Extra Credit Cards

If you can live with just one credit card, then by all means remain happy with only one card at your disposal. Avoid signing-up for the various credit card offerings you receive in the mail, as well as from the department store or mall clerks who want you to sign up for store discount cards. Remember to only apply for credit that you really need, and can afford to pay. For example, while a home mortgage is an essential expense, an expensive weekend boating trip, or a costly car accessory is surely not a sound expense. Always ensure that your credit card expenses are mostly based on your actual needs, and donít use your card in paying for leisure items.

Keep Your Credit Card Debt Ratio To Manageable Levels

Always remember to keep your credit card balance paid off on a monthly basis. Also keep your card at a maximum charge level of 30 percent, and pay them off at the end of the month. By keeping your cardís charge levels low and manageable, youíre actually showing restraint and responsibility, and youíre keeping your credit score high as well.

Stick To Your Budgets

The best way for steering clear of mounting credit card debt, is by drafting a budget thatís consistent with spending within your budget. While drafting this type of budget can be quite hard, once youíre successful at formulating the right budget, it could help track down any unnecessary spending, and it will allow you to adjust your finances in order to spend for your real needs, and steer clear of unwanted debt.

However, if your credit cards debts have piled up too high already, and are beyond your control, then under these extreme circumstances can you file for bankruptcy. Once you file for bankruptcy, you need to wait for a while for any type of credit to be granted to you again. While bankruptcy may be a bitter pill to swallow, it wonít necessarily mean that itís the end of the world for you. Slowly but surely, youíll be able to rebuild your credit score once you do away with the bad spending habits, and learn to stick to your budget next time.


By your GoodBuddy Richard La Compte
You may contact me through my Help Desk

Comments

*Name:
*Email:
Website URL:
Title / Subject:
Hide my email
*Comments:
*
 



Menu


My Articles





loading...




   Related Sites

My Articles


Building Your Business Credit Profile: 5 Top Tips
... record. The longer, and more timely your payment history ...

Controlling Your Debt: How To Boost Your Credit Score
... to spend wisely and balance your credit card obligations. ...

How To Interpret Your Business Credit Report: 5 Tips
... making on-time payments to suppliers and creditors, ...

The 5 Basic Elements Of A Credit Report
... person s credit score is drawn from the credit report. ...



Related Products:

Related News:

 
How to Protect Your Credit Score During the Government Shutdown - U.S. News & World Report
Fri, 18 Jan 2019 14:08:14 GMT
    
  1. How to Protect Your Credit Score During the Government Shutdown  U.S. News & World Report
  2. Not getting paid because of shutdown? Lender forebearance can save your credit score.  The Washington Post
  3. 'Money: It's Personal' ‚ÄĒ Credit reports and credit scores  KSAT 12
  4. How to Get a Mortgage With Bad Credit  Yahoo Finance
  5. View full coverage on Google News


Want a Better Credit Score? Soon, Your Cellphone Bill Could Help - Wall Street Journal
Fri, 18 Jan 2019 00:42:00 GMT
    Want a Better Credit Score? Soon, Your Cellphone Bill Could Help  Wall Street Journal

Consumers' cellphone and utility payments will soon be added to one of their major credit reports, a move that will likely boost the credit scores of millions of ...



Be Wary of New 'Tricks' for Raising Your Credit Score - Lifehacker
Thu, 17 Jan 2019 19:00:00 GMT
    Be Wary of New 'Tricks' for Raising Your Credit Score  Lifehacker

Over the past few months, there have been a handful of announcements from credit companies about new ‚Äútricks‚ÄĚ consumers will soon be able to use to improve ...