Some good advice on Credit Repair

5 Credit Repair Tips to Help You Get Out of Debt

Finding relief from your debts can seem like it’s almost impossible at times, especially if you’re going through credit repair as well.  It may seem like you’ll never be able to turn this around back in your favor, but that’s not necessarily the case at all. 

To help you find some debt relief and help in your struggle for credit restoration, I’ve put together a list of 5 simple steps you can take to help get out of debt:

Draft up a budget.  Start by gathering your bills and paycheck stubs and working up a monthly budget for yourself.  This will give you an idea of your incoming/outgoing funds, as well as map out a plan for paying down your existing debts.

Start paying down.  Now that you’ve got a budget, start knocking those bills down to size.  A great place to start would be accounts that come with the highest interest rates.  Since you don’t want to get stuck paying more interest than your actual bill, you’ll want to get rid of these first. 


All items 30% or less!  Ideally, you’ll want to pay your outstanding credit accounts down to no more than 30% of the available high balance.  So if you’ve got a credit card with an available balance of $5000, try not to get it any higher than $3500 in charges at any time.

Get rid of unnecessary cards.  If your wallet is overflowing with useless plastic, start taking stock of which ones you actually use, and which ones you can do without.  If you’ve got cards that are less than a year old and hardly see any use, get rid of them.  Keep 3 good cards open for your credit history (doing so helps improve your credit score, assuming you use them wisely of course). 


Start paying in cash.  If you’ve forgotten what cold hard cash feels like because you pay for everything with your card, it’s time to get reacquainted.  Keeping yourself limited to cash for smaller purchases insures you won’t go overboard in charging to your card (and hurting your attempts at credit repair) and will help you save on your bills in the long run.