Author Topic: Your Credit Repair Debt Plan  (Read 1202 times)

wjtrader

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Your Credit Repair Debt Plan
« on: Feb 09, 2009, 09:36:31 PM »
Hi again Guys,

You've most likely noticed my other posted articles. Heres a short one for you all about repairing your credit debt.
Hope this helps  :)

Your Credit Repair Debt Plan

A lot of folks have many suggestion about how to repair credit. A few recommended methods to fix your credit similar to the believed winning methods are:

One action is to correspond honestly with your creditors and reach a deal for a lower interest rate. As a result of settling on a lower interest rate, you will be able to pay the principal while not falling into the catch of debt servicing (payment of the interest and not the principle) as an alternative of debt management (payment of the principal) Furthermore, more funds are freed up to repay other debts.

Next, you should arrange your debts in relation to the interest rate they have. If you pay the one that has the larger rate first would free up more funds in the long-term to repay your other debts. What's more, through paying the bill that has the higher rate, you are able to regulate the total interest instead of allowing the interest owed to mushroom out of control. Keep in mind, maximum rate must be paid first.

Lastly, making payments strictly on time will make your load much lighter. The revelation to this technique is paying the least amount. The main aspect in your credit history and score is your prompt payments on your debts. Meticulous payment shows the competence to pay and acknowledge the commitments that have been undertaken.

The preceding tips are easy methods to repair your credit. Through correspondence with credit debtors, arranging your debts in sequence and paying punctually, these are reliable methods to repair your credit and restore your financial standing.


hardtimes

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Re: Your Credit Repair Debt Plan
« Reply #1 on: Feb 10, 2009, 08:22:46 AM »
To add to that I would suggest you keep some line of credit open, a credit card or store card because having credit shows other creditors that you are trustworthy so having no credit at all is counterproductive.
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