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Large amounts of debt are a problem that many people face and cause troublesome amounts of stress in your everyday life. The first step to take when you are having problems paying back your debt is to talk to the organisations to which you owe money and to help them understand that you have problems paying back what you owe. Many organisations will be more helpful than you might think if you approach them with your concerns.  

If you have fallen behind in making scheduled payments or if there are a large number of outstanding debts which you need to pay back, it is important to establish which debts take priority. It is important to do this so that you can determine which debts, when left unpaid for a time, can affect you adversely. Not paying electricity bills can result in your electricity being cut off, while failing to pay rent or mortgage payments could result in you being evicted or losing your home. Once you have established which debts are priority debts, you can begin to draw up a plan on how to realistically pay back what you owe and what you can afford.  

Taking out loans to pay off existing debts will end up creating more debt, so it’s important to consider all options when deciding to take out another loan. The loan can end up costing you more than you would have thought, especially since loans to people with a poor credit history tend to have very high interest rates that will only accumulate over time and aggravate your debt situation. It is also very important to read the fine print on these loans and be aware of all the conditions, since some loans can be secured against your house which will result in the possibility of you losing your home if you fail to make payments on the loan.  

When trying to solve your credit situation and pay off your debt, ultimately it will require some sacrifices where lifestyle is concerned. Have a look at what you are spending and find areas where you can cut down, what are necessities and what are luxuries. Luxuries are often the first thing to go, and although many people are reluctant to cut down on them, in the long run it is not worth it to get yourself into a bad credit situation.   

Along with having large amounts of debt to pay usually comes stigma and shame that makes it difficult to face facts and to admit to others that you have a problem. It is a reality, however, that many people are living beyond their means and are buying homes and luxury items that they simply cannot afford. It is important therefore when you are considering purchasing anything to ask yourself whether you can really afford it and whether it is a luxury or a necessity, and whether you are buying it to impress other people or improve your own quality of life. Ultimately, when it comes to credit solutions, the best cure is prevention.

Credit in Minutes Tip #1

Stay on top of your credit report. Most credit reports contain errors. Make sure you check your credit report every year (you get one free credit report every twelve months) and if there are errors make sure to challenge them with the reporting credit agency. Credit agencies are required to investigate each and every challenge that gets reported.

Credit in Minutes Tip #2

Just because you qualify for all of those credit cards does not mean you should get them. A person with too many credit cards looks sketchy in the eyes of a potential creditor. Think of it this way: if a person is financially stable does he or she need ten different credit cards? Wouldn’t just one or two suffice?

Credit in Minutes Tip #3

The best way to raise your credit score is to make all of your payments on time. It sounds too simple to be true, but that’s all there really is to it. Staying out of debt and/or making all of your debt payments on time will keep your score up where it should be.

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