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Do it yourself credit repair
By terry smith
Good credit rating is necessary if we want to live normal lives. Lots of people make mistake of not paying enough attention to their credit
rating even though without a good credit rating many of The everyday things like buying a car, home or having a credit card would be
impossible to us.
When ever we don't pay our bills on time it will be reported to The credit bureau and your credit rating will reflect it accordingly. And in the
event it happens often or worse you allow your loans to go default, you are going to find yourself in a position needing credit repair.
So how To begin With credit repair? you can either try A do it yourself credit repair
or you can hire A credit repair company To help you. The best and cheapest is To do it your self . To start you need A budget ! With A
budget, you are able To plug up that river that seems To eat away all your money every pay period. You can identify where your money is
actually going, rather than playing guessing games. And for most people, time is precious ,its better spent else where enjoying the things you like to do.
In order To figure out where you are wasting money, you have To take A look at your spending habits. And A budget can help you in this
area, because you are setting A certain amount Of money for each monthly expense.At this point you know if you can repair your credit on your own. If you find you don't have enough cash To pay your bills. There are other
options.- Get Credit Counseling
By this, it means work through a debt negotiation company who will take your case To The various creditors in an attempt To work out
some kind of a deal. This could be a good step in The right direction because creditors know that If you declare bankruptcy, then they may
not get anything. Oftentimes, they will work With you. - Renegotiate Your Loans-
by talking With your creditors, you may be able To renegotiate for better loan terms. This could give you a greater leeway
financially that could provide just enough of an edge To enable you To get through it without having To declare bankruptcy. Bankruptcy
There are Two Types of Bankruptcy - Filing under a Chapter 13 bankruptcy means that there is a "reorganization" of your finances, and it
does mean that you do repay much of your existing debt. You are required to make a plan that enables you to pay back a lot of your
existing debt in the next three to five years. This means the sale of some of your properties or all of them to satisfy the debt. It is
the bankruptcy Trustee who makes the decision as to what needs to be sold - not you.
Filing under a Chapter 7 bankruptcy means,that the various assets that you do currently possess will need to be listed, by
requiring you to take a "means test," and then a decision will be made to what you can keep and what you cannot. Everything will fall
under an "exempt" or a "non-exempt clause." You keep the "exempt" items, and lose the rest. The "non-exempt" items will either be sold,
or you will be required to pay them back. Some things that are not exempt are child support and education costs.
About the Author
my name is terry ive helped a lot of people get there credit started this way for more credit info visit http://www.freecreditinfo.biz
Article Source: http://www.simplysearch4it.com/article/41228.html
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