Christian Credit Counseling
In our world of scams, dishonesty and blatant lies promised to the public, many people don’t know where to turn. Many credit counselors promise quick fix, boost your credit score by 200 points overnight claims. These “promises” are false. Christian credit counseling is a refreshing service to many. Credit seekers get the help needed without feeling ripped off and lied to.
Whether you are a college student, a recently married young couple or retired, hardly anyone nowadays are immune to credit card debt. College students often live on credit when they are crash-strapped. Young couples exceed their financial limits purchasing a home they can’t afford and the many home repairs that follow. Retired people may use credit card to support their monthly expenses of medications, etc.
America is the land of debt, the land of buy whatever you want now and pay it off later on down the road. Some experts say that the average American family owes about 15,000 dollars as credit card debt. This is just the average, meaning, many others greatly exceed even this. How much unsecured credit card debt do you currently have? Speaking with Christian credit counseling professionals can help you to devise a plan for success.
In this article, I just wanted to shed some light on a few things your counselor may bring up as a part of your credit repair plan.
One of the first suggestions offered by counselors is to consider getting a low interest credit card to pay off your existing credit card debt. Unfortunately, based on your credit score, you may not qualify for a low-interest credit card.
If this sounds like you, you may consider signing up for a debt relief program where credit consultants will help you pay off your debt by drawing a specific monthly plan. The creditors will work with your income to find out ways to lower the interest rates and get the late fees waived off. This is a fantastic way to start, no matter what your budget is.
Next, never, never, never miss a payment. Missing a payment is perhaps one of the worst things you can do when actively trying to increase your credit score. To avoid getting a bad credit reporting, do whatever you have to to at least pay the minimum due amount on your cards until you set things straight with a debt management plan. By making at least the minimum payments, you will ensure that the credit score doesn’t drop due to a missed payment.
If you do find yourself in financial trouble, you can reach out to your credit card companies and request a lower interest rate. If you have made a certain number of payments on time, many times, not only will they lower your interest rate but also increase your credit score.
If you have a good credit score, say 710 or more, you should be successful in negotiating a lower interest rate. Unfortunately, if you don’t, they may be reluctant, even with regular payments on time.. Once your score reaches 700 or more, you will be in a position to negotiate for a better interest rate.
The next option is debt stacking. Instead of paying just the minimum due, double the amount, or more if you can, to reduce your credit card balances faster. This may not be an option for you, and if it’s not, don’t beat yourself up. Do the best you can do to reduce your debts.
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