The average American has more than $9,000 in credit card debt. While having a credit card isn’t a bad thing, letting credit card debt pile up over time can place an enormous strain on your finances. Take a look at the articles, Q&A’s, blog posts and videos we have linked to this topic for ideas on how to handle credit card debt and your personal finances.
Bad Credit: Pay Off Debt And Get Credit Counseling To Improve Credit Score
If you've got bad credit or are struggling to pay your bills, get credit counseling, get help paying off your debt to improve your credit score. Your credit score is your key to qualifying to buy a home, so you have to get rid of bad credit by paying off your debt to improve your credit score. If you can't seem to get a handle on your bills, working with a credit counselor can help you pay off your debt, improve your credit score and turn your bad credit into good.
Choosing A Credit Card For Your Financial Situation
There are different ways to approach the idea of credit and credit cards, and you need to sit down and ask yourself what's best for you. If you pay off your balance each month, look for a card that offers you rewards for your purchases. If you're going to carry a balance, you should be much more interested in the interest rate, and fees charged by the card you're carrying.
Good Credit Is Paramount When Getting Approved For Loan
Credit matters more than income. If you have excellent credit, with no blemishes, you're in control of the mortgage process. If you have credit problems, including late payments, unpaid bills, charge-offs, and bankruptcies, these are far more damaging to your prospects of getting approved for a loan.
Bankruptcy: Last Resort, Pay Off Debt, Improve Credit Score
If you're worried about keeping up with your debt, try to pay your most important bills and speak with a credit counselor, because bankruptcy should be a last resort. Bankruptcy will leave a black mark on your credit history for the rest of your life, so continue paying off your debt and get control of your expenses. Talking to a credit counselor may help you pay off debt more reasonably, allowing you to improve your credit score and ward off bankruptcy.