Being In Command of Your Financial Situation
If you've ever applied for a credit card, a personal loan, or insurance, there's a file about you. This file is known as your credit report. It is chucked full of information on where you're located, how you pay your bills, and whether you've been sued or arrested, or have filed for bankruptcy. Credit reporting companies sell the information in your report to creditors, insurers, employers, and other businesses with a legitimate need for it. They use the information to evaluate your applications for credit, insurance, employment, or a lease. Any bad enters to your file will affect your credit.
Have you had trouble paying your bills? Getting past due notices from creditors? Are your accounts being turned over to debt collectors? Are you worried about losing your home or your car?
You're not the only one in this situation. Many people face financial crises at some time in their lives. Whether the crisis is caused by personal or family illness, the loss of a job, or simple reckless spending, it can seem overwhelming. But often, it can be conquered. The fact is that your financial situation doesn't have to go from awful to worse.
If you or someone you know is in financial hot water, consider these options: realistic budgeting, credit counseling from a reputable organization, debt consolidation, or bankruptcy. How do you know which will work best for you? It depends on your level of debt, your level of restraint, and your projection for the future.
The first step toward being in command of your financial situation is to do a realistic evaluation of how much money you take in and how much money you pay out. Start by listing your income from all sources. Then, list your "unchanging expenses", those that are the same each month — like house payments or rent, automobile payments, and insurance premiums. Next, list the expenses that change each month— like recreation, entertainment, and clothing. Writing down all your expenses, even those that seem unimportant, is a helpful way to track your expenditure patterns, identify necessary expenses, and prioritize the rest. The goal is to make sure you can make ends meet on the basics: housing, food, health care, insurance, and education. Any money left over should be put toward paying down the principle of the loan with highest interest rate.
Having a good credit report means it will be easier for you to get loans and lower interest rates. Lower interest rates usually transforms into smaller monthly payments.
Your public library and bookstores have information about budgeting and money management techniques. In addition, computer software programs can be useful tools for developing and maintaining a budget, balancing your checkbook, and creating plans to save money and pay down your debt.
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