Something On Finance

Credit cards are part of everyone’s life so much that nobody gives it a second thought before swiping them. Though they are quite handy in short-term spending they can spell doom in the long run and once a person gets into the credit card debt circle then getting out can be real tough but it’s not impossible. Have you have reached a stage where you are wondering how to fix my credit? If so, then help is at hand, there are many credit card companies and banks that will actually help you fix your credit.

Proactive Action
But the first step has to start with you. You need to develop a proper and healthy habit of spending. Many people have the tendency to spend indiscriminately on their credit card and then pay the minimum payment due but this way you are going to pay an enormous amount on interest alone. The best option is to consolidate on your credit card debt and understand the different options in credit card services. Just thinking I need to fix my credit or even wondering how to fix my credit is not going to get you anywhere; you need to take proactive action.

Which way?
After you budget your expenses and understand your spending habits the next step you can take is to contact Consumer Credit Counseling Services or CCCS. They are separate units or sometimes part of credit card companies and they help you make a new payment amount on a reduced interest rate, you can either make a single monthly payment to CCCS or you can distribute your payment to all your creditors. But you should be aware that even CCCS has certain drawbacks and you need to weigh all your options and choose the right one after deliberating different alternatives.

One Major Issue
Another genuine and solid option to consider when you have reached the “I need to fix my credit” stage would be to consider the debt settlement companies that offer their services that work in tandem with credit card companies and will negotiate for you to pay a one-time settlement rather than make monthly payments. The best part is they will reduce your debt by almost 50 to 60% on your principal amount so it means you are out of your debt AND you don’t have to make monthly payment on credit card services. But this type of settlement has one major drawback and that is it could slaughter and undermine your credit rating and therefore credit history. If you have already done the damage with your own credit rating when you end up defaulting on your payments this is the best option to get out of debt once and for all.

A Strong Teammate
If you have failed in all your attempts on how to fix my credit then filing for bankruptcy can be considered though this can hardly be said consolidating your credit cared debt. The new reforms in bankruptcy laws still stipulates you pay a part of the debt over a period of five years. So consider all options carefully and you also need to engage and contact a bankruptcy attorney works in this arena.