Keeping yourself trouble free with your credit requires a close eye on your credit report and asking yourself some difficult questions. Sometimes it is harder to be honest with yourself than with a stranger. In order for you to stave off credit problems, you must be brutally honest with yourself.
Getting into financial trouble is easier than ever nowadays. Credit card companies are competing harder than ever for your business. People are getting and carrying more credit cards. Just a few years ago most people only carried one maybe two credit cards. Now, it's not unusual for someone to have eight or nine cards on them.
With so many cards on your person, it's real easy to get into trouble. To keep yourself out of trouble you need to sit down and evaluate your credit situation. Do you really need that many cards? If you think you are in or heading for financial trouble, ask yourself:
1. When you buy groceries is your credit card the only way you can pay?
2. Are you borrowing money to make payments on existing loans?
3. Are you being charged late fees on your bills month after month? (Don't have to be consecutive months)
4. Do you have a hard time deciding which bills to pay?
5. Are your credit cards at the limit most or all the time?
6. Can you only afford to pay the minimum each month?
7. Have you deferred going to the doctor or some other important appointment because you couldn't afford it?
8. Do you spend 20% or more of your net income on credit card bills?
9. Do you have a second job or a lot of overtime to pay your basic expenses?
Answer yes to any of these and you are either heading into or already in financial trouble. Chances are that you or someone you know is now or have been in this situation. Although it may seem difficult to get out of this kind of trouble, it's not impossible. You have to recognize that you are in trouble and learn to cope. Then start looking for a way to stabilize and restore your credit.
There are several options open to you. Talk to your creditors and try to work out a payment plan that you both can agree on. Try to get them to waive your fees and/or lower your interest rate. If you can't do that or think you need help you can hire a credit counseling organization.
The last thing you can do is file for bankruptcy. Bankruptcy is not to be taken lightly as it can stay on your credit record for 10 years. This should be your very last option. Make absolutely sure you have exhausted all your options before you consider bankruptcy.
Copyright 2007 Robert Hughes
You have permission to publish this article free of charge in your e-zine, newsletter, ebook, print publication or on your website ONLY if it remains unchanged and you include the copyright and author information (Resource Box) at the end. You may not use this article in any unsolicited commercial email (spam).
About the Author:Robert Hughes received his degree in Accounting in 1979. Since that time he has helped several different companies grow. He is the owner and CEO of Hughes Network Marketing, LLC, which owns and operates several websites one of which is: http://www.getyourcreditrepaired.com
Got a Question? Ask.
Ask the community a question about this article:
Frequently Asked Questions
What is old style theory of management
By: steventan | 20-08-2007
what is old style theory of management
Lee Rivnay - Internet Entrepreneur
By: tenwhisk | 20-08-2007
Lee Rivnay is a very Successful internet entrepreneur,with a very impressive track record. Does anyone have more information on him?
What if you go to an ATM and the amount that comes ...
By: Danydin | 17-08-2007
What if you go to an ATM and the amount that comes out is not the same as you requested? What should I do?
Financial institution and gap insurance
By: suzyr | 16-08-2007
recently leased a new car....told we needed Gap Insurance....next day our insurance company said we could purchase the gap insurance through them at a much lower rate....now financial institution is saying their policy is non-refundable...We asked that question when purchasing the car (on a Sunday)....the dealer said there would be no problem ......
My Gut feeling says at 4178, the NIFTY is ...
By: Prashant Prasad | 16-08-2007
My Gut feeling says at 4178, the NIFTY is screaming to be bought...I have bought the Nifty Futures at these levels, you?
Borrowing/spending £5k
By: 9527faye | 16-08-2007
Hi i need to borrow about £5k and people keep on telling me to ge an interest free credit card and just change it every year - can you tell me how this works and will i pay any fee/charges
Q&A Powered by:
Latest Non-Fiction Articles
Book Marketing: the Day That is Different for Your Career Strategy
By: Rosey Dow | 06/10/2008
Make an informed decision about the direction of your writing career--print or online, or both.
In the Lap of the Gods 22
By: Steve Morgan | 05/10/2008
For those who have read the other 21 chapters
A Week in the Life of the Single Working Mother
By: Karen Dosw | 03/10/2008
A humorous article about a week in the life of one South African, single mom with two adult children and two little ones.
Why You Should Write for Free
By: Deborah Owen | 01/10/2008
Write for free? I can hear you saying, “Are you nuts?” Write for free, so you can get paid. Read more inside.
Why You Should Write for Free
By: Deborah Owen | 01/10/2008
You asked if they had a job opening. They said no. They told me “no”, too, but I got the job anyway. Read more inside.
Becoming a Reporter is Easy
By: Deborah Owen | 01/10/2008
Do you want to be a reporter? It’s a great way to break into print, and the jobs aren’t that hard to get. Read this article to learn more.
Writing it Down
By: Galina Nemirovsky | 29/09/2008
Lately I’ve developed a compulsion to write everything down. Stringing words together and composing sentences in the shower, I want to write it all down – remember it – capture it. I stare at people in the subway and craft their character descriptions in my head...
The Modern Lily Tomlin
By: Galina Nemirovsky | 29/09/2008
I’m waiting in a conference room that smells like the corner of career aspiration and stale office carpet. The overly heavy and overly bitter receptionist has a voice that is piercing through the makeshift conference room with walls that only go up about 7 feet. Like an annoying hiccup, she keeps repeating “Good morning, Hudson. Your name? Hold please.” Over and over again. She is an extra large version of what the rest of the world has automated already.
More from Robert Hughes
Your Rights and Debt Collection
By: Robert Hughes | 09/04/2007 | Finance
Do you know your rights with debt collectors? Read this and learn what they can and can not do.
Your FICO and Credit Score Explained
By: Robert Hughes | 27/02/2007 | Non-Fiction
A simple explanation of how your FICO and credit scores are calculated and used. These scores are very important numbers if you decide to apply for a loan or credit card. Lenders use them as a tool to decide whether or not they will give you a loan and how your interest will be calculated.
Writing 
