There are worse things than being in deep debt, but not many. The problem is that you are constantly paying for past mistakes and those mistakes have a resounding compound effect. Having bad credit can effect many aspects of your life from potential jobs, to how much you pay in car insurance. However, there is a light at the end of tunnel. You can and will get another chance.
Life Lines:
- Statue of Limitations - If you are way behind on bills, in every state there is a certain amount of time in which a creditor can bring suit against you. However, each state is different but on average the statue of limitations is 5 years. Check your state here.
- Consumer Credit Counseling – Whether you are facing an immediate crisis or just want to learn how to improve your financial health, CCCS can help.
- Debtors Anonymous - Debtors Anonymous is a fellowship of men and women who share their experience, strength and hope with each other that they may solve their common problem and help others to recover from compulsive debting.
- Bankruptcy – Don’t get caught up in the bankruptcy, avoid defeatism self talk. Bankruptcy was created for a reason and if all fails, you need to do it. In fact, it might accelerate your ability to recover.
So is your life over because you have a very low credit score? No, absolutely not. However, it’s time to take control and stop the victim mentality. You didn’t get a 400 credit score overnight and you surely will not have an 800 by next week. With the right plan and self discipline you can regain the direction of your financial health.
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1 Comments until now.
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