FIX YOUR CREDIT REPORT - CREDIT REPAIR
Trouble with credit is a problem you can't ignore. No matter how much money you earn or where you live, if you've made mistakes with credit in the past, those mistakes will haunt you-unless you empower yourself to fix your credit. And you can.
Say you have $5,000 in credit card debt, at 18 percent interest. If you make only the minimum payment every month, you'll be hanging on to that debt for a whopping 313 months, or more than 26 years. You'll pay more than $7,100 in interest costs-a far higher amount than your original debt.
Don't get scared off by the numbers. Any amount of debt, no matter how scary it sounds, can be paid, with a little planning and a lot of determination.
First, know you're not alone. About 51 million American households carry credit card debt, at an average balance of nearly $12,000, according to cardweb.com. And the reason is more than just overspending. We're not always paying on time, and we're not always being smart about the money we owe. Americans shelled out more than $24 billion in credit card fees in 2005, including late payment fees and over-limit fees.
Before you can repair and fix your credit report problems, you need to understand why troubles with credit reports can be so damaging. lf you don't have a good credit report history, you'll struggle to get ahead financially. It may be hard to get a mortgage to buy a home, or a loan to buy a car. Or if lenders do decide to allow you to borrow money, they won't give you very good terms. You'll pay excessively high interest rates for the privilege of borrowing money. That's because if you haven't had a responsible payment history in the past, lenders aren't going to want to take you on as a risk.
But again, you can fix your credit report. It takes patience, time and dogged determination, but you can repair your history and become attractive to lenders. Creditscoreking.com will show you how.