Credit
Most of us have credit in one form or another, from store cards and credit cards to loans and ‘buy-now-pay-later’ purchase deals. The trouble is that, whilst it’s fairly easy – dangerously easy – to build up credit, clearing it off can become a huge task. It only takes a little nudge, such as the recent recession, to cause our house of credit cards to come crashing down around us, leaving us with little more than jokers to deal with.
The first rule of dealing with credit is to make sure that you never just stick your head in the sand and hope it will go away. The second rule is that taking out bigger and bigger loans to pay off the previous loans is simply a spiral down to rock bottom. But there is a third alternative, and that’s to take positive action to give yourself the best chance of becoming debt free as quickly as possible.
There are many credit professionals and financial advisors who will be able to work with you in determining your exact status, and the best way forward for you personally.