After Bankruptcy 1. - Spend smart
Posted on February 26, 2008
Filed Under Advice, Bad Credit, Bankruptcy |
After a bankruptcy, the first thing you need to do is to figure out how you got into financial trouble in the first place.
Was it simply that you didn’t live within your means? Or did you lose your job or suffer a serious illness?
“It doesn’t matter what the crisis is,” said Todd Mark, vice president of education at Consumer Credit Counseling Service of Greater Dallas. “It was their inability to cope with the unplanned that threw them into a financial crisis.”
You will have to cut your expenses, save money and spend judiciously. That may mean taking a second job for extra money to pay bills and cutting out luxuries such as cable TV.
“You’ve really got to be committed to the habits that will drive the result that you want,” Mr. Mark said.
First, develop a spending plan to track your spending, so you know where your dollars are going. To make saving easier, sign up for automatic saving, where you have a fixed amount automatically deposited in your savings account each month.
Make sure that you pay all your bills on time, not just credit cards. Utilities, landlords and cable companies are also creditors.
by Pamela Yip
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Beware Tip# 1: When people have faced credit challenges in the past collection accounts are normally on their credit report. When looking to obtain a mortgage, collection accounts will normally need to be paid off (although there are exceptions to this).
You need to fix your credit report if you are among the thousands of consumers turned down each year for credit cards, mortgages, student loans, other important loans and employment and housing opportunities, due to inaccurate information in their credit.
Appraiser for rebuilding cost of your business building is needed now before disaster strikes leaving your business at risk. In addition to typical risks of theft and fire, natural disaster risks that can cripple any type of business prevail.