Nowadays people have become very much dependent from modern financial system with all its advantages and drawbacks.
We have become so much concerned to our credit score and history.
But sadly we sometimes forget that it doesn't take much to ruin our credit.
An automobile repossession, a late mortgage payment, a bounced check, or even one missed credit card payment can cause damage.
Unless we take action now, our credit score can stay bad for a very long time.
Bankruptcy protection, however, can erase the debt and provide a financial Fresh Start.
By stopping the aging of your delinquent bills, you can prevent the past from ruining your future.
After the debt is gone, your debt to income ratio improves and you are a much better candidate for future credit.
There are certain steps you can take right now to be able to cope with your difficult financial situation: 1 ) File bankruptcy as soon as possible.
Do not be afraid to do that.
2) Get a budget and stop paying cash for things a little while.
Start planning your budget.
3) Start a savings plan.
First pay yourself.
4) Review your credit report.
5) Get new credit.
Choose wisely among different options.
Watch the interest rate.
By using your credit card and paying it off in full on a monthly basis, your credit score will start to improve dramatically.
You will be surprised how little credit you actually need.
If you utilize credit intelligently, you can make the system work to your advantage and start the process for a healthier financial lifestyle.