April 4, 2017
If you’re having some money issue it may help to know that you’re not the only one going through this. You aren’t the first and it’s very likely you won’t be the last. While that knowledge isn’t going to help you get past your money issues it can still be nice to know that you’re just like everyone else.
The thing you need to do when it comes to mistakes with money is to deal with it calmly and efficiently. Just because you overdraft your bank account, thus bouncing a bill payment, doesn’t mean your electricity is going to get shut off tomorrow. It just means you need to get some extra money into the bank asap, and that you need to start better tracking the money going into and coming out of your bank account.
So you got in over your head and you had to file for bankruptcy to deal with your bills. While this doesn’t get rid of some stuff, like school loans, it can be helpful to give you somewhat of a fresh start in the money department. However, it sets you back pretty far in the credit rating department.
You can still find loans and credit cards after a bankruptcy, you just need to do some research. Learn from this lesson and be wiser with the use of your money. Your bankruptcy will come off your credit report in seven years.
Credit Card Debt
If you have credit card debt that isn’t large enough to warrant bankruptcy you can still do some things to take care of it. Get a copy of your credit report to find out who you owe money to, then start making payments. If it seems out of reach, think about using debt consolidation.
Wage garnishments can be tough to deal with since they take money right from your paycheck every paycheck. However, if you want to free yourself from this burden you may want to consider paying off what you own, or at least making extra payments on the side so it can get paid off faster. A loan might even help, just make sure to find one with low-interest rates.
Lack Of Savings
If you don’t have a savings account that has at least three months of income in it, if not more, you could find yourself in some trouble. For one thing, a savings account can seriously get you out of a jam when any kind of emergency happens. It can also help your credit look better and open you up for more opportunities when it comes to loans.
Car loan places and even mortgage places look at the money you have in the bank, in savings, as well as your credit score, when they are considering loaning you money. Give them something good to look at.