Debt is a lot like household clutter; almost everyone has some, but no one is proud of it. In fact, almost everyone has a lot of it. The average American household has over $15,000 of credit card debt. Like the chaos that clutter causes, the effects of debt can be downright devastating. Big bills lead to more than just a lower bank account balance.
Over time, they may trigger symptoms of mental health disorders! According to a study conducted back in 2016, a quarter of Americans are experiencing the symptoms of posttraumatic stress disorder not from a violent encounter or near-death experience, but from living with debt. If you are feeling crushed under the weight of the money you owe, you aren’t alone. However, you needn’t just keep sinking deeper into debt. It is possible to restore your credit instead.
Help is available if you are willing to put your trust into one of the many companies offering credit repair services. It can be difficult knowing who to choose, though. Who has time to research the very best credit repair companies when their mailbox is overflowing with credit card bills, and the due dates are quickly approaching? Fortunately, with just a little bit of research, you can find the credit repair services company that is best for you with swift ease. You just need to know what to look for!
According to the Federal Trade Commission, the best credit repair companies do so much more than make empty promises of instant improvements of your credit score! They provide counseling, budget advice, educational materials, and more. They should guarantee your personal information will be kept confidential and provide written proof of all the promises that they make you verbally. The best credit repair services do more than just fix your immediate problem, though. They help you plan for the future, too, by providing guidance on how to stay out of debt in the first place. Most importantly, though, the best credit repair companies for you will offer their services well within your budget! Credit repair services are sometimes offered for free or on a sliding scale by nonprofits, so be sure to keep your eye out for this savvy way to avoid bankruptcy at a bargain.
Of course, there are several steps that you can take to restore your credit without any outside help. Use these tips to supplement the steps you are taking with whichever credit restoration company you choose.
You can restore your credit over time by:
- avoiding late payments
- paying more than the minimum payment each billing period
- keeping the ratio of balances and available credit low on all of your cards
- avoiding cards that offer extremely high annual percentage rates
- using savings to pay for emergency expenses first rather than credit
There aren’t any fast or easy fixes to improve your credit score. Doing so takes time, dedication, and a willingness to learn from the mistakes you have made in the past. However, credit restoration is possible. Don’t be afraid to take the first steps. If you’re uncertain about taking those steps on your own, a credit repair company can help. Visit Your Personal Finance Tips’ reviews section today to discover the top recommended companies around today