The 5 Steps
- Identifying where you’re losing direction is always a good place to start finding the correct track to take; the same applies to your credit or debt consolidation issues. Being aware of a poor credit rating isn’t sufficient; you must know the reason(s) for it. In your case it could be a case of control, or a lack of it, but in many instances it revolves around personal circumstances!
- Of course, there are so called “easy” ways out, generally a temporary solution, the reason being that unless you know what the cause is, you can’t remedy the situation and it’s just going to keep on recurring. If you cannot come up with the answer on your own, then get some professional advice on debt consolidation in Guelph, but at least, do something about it! Create a budget, or an expenses plan that shows in detail your total income, living expenses and what is left.
- Once you have compiled a budget or a financial plan then make a plan with your creditors or get help from a qualified debt consolidation professional to deal with your outstanding debts. Reducing your credit card debt below the 50% limits will be the most significant help to your credit score. Add to this by getting your payments up-to-date, to prevent being recorded as being overdue, an important factor!
- Crucially, once you have managed to bring your payments up-to-date ensure you maintain payments on time and as agreed. This is a relatively simple way of restoring your good name and to maintain a good credit record. If you experience issues in this area, then contact a Guelph debt consolidation expert who will help you. Keep in mind, that there is no escape in our computerised world. Every payment that you make and when is recorded and tracked.
- If you have settled your negative credit situation, don’t wait for all negative information to be removed from your credit report. Without any active credit and only a record showing paid-off debt and all your debts cleared without past negative information reported, you will not have a credit score; or you could receive a negative score. Therefore, ensure you possess at least one active credit account reporting.
Because every financial situation is different, you need to work with a broker team that will evaluate your particular needs. Work with Mortgage Guys to find the perfect solution for your debt, working to lower your monthly payments and secure you on the path to financial freedom.