CREDIT RESTORATION TIPS!

I Wish I’d … Stayed Out of Credit Card Debt... It’s understandable that credit card debt makes you want to turn back the clock and snatch the plastic out of the hands of your younger self. Not only are you paying a sky-high interest rate, your credit is likely suffering, too. That’s because 30 percent of your credit score is influenced by your credit utilization – the percent of credit limits your using. * Carrying so much debt that you’re using more than 30 percent of your available credit is probably costing your points. The best way to cope with this regret is to work hard to eliminate the balance. Here are a few ideas for shaking your debt as fast as you possibly can: 1. Stop charging. Put your cards away, and switch to cash. 2. Cut unnecessary expenses from your budget to free up money for extra payments on your card. 3. Track your spending, and avoid temptations to break your budget. 4. Consider taking on extra work, and devote your surplus funds to debt payoff. 5. If you have debt on more than one card, pay off the card with the higher APR first; this way, you’ll save the most money on interest. 6. If your credit is good, consider a balance transfer, which could save you money on interest. Knowledge is Power and Credit is King!