Thinking Outside The Box
While having bad credit may not actually prevent you from living a “normal” life, it can be difficult. Sure, there are those clever enough even to finance a home with poor credit. However, you can bet they bend over backward doing so. They may even get involved in certain activities which aren’t strictly legal.
Then there are those who manage to “win the lottery”, as it were. Have you ever heard of crowdsourcing? It’s possible to get out of debt using a crowdfund of some variety. But this is like winning the lottery because the reality is many people put in long hours and see little to no result.
Sometimes they’re able to make the money they need to, though; and perhaps this solution will work for you. One thing such a solution is unlikely to do, however, is build credit.
How Do You Build Credit?
Many are confused when it comes to building credit, but the concept is simple: pay back the debt you’ve acquired in the agreed timeframe. Utility bills, cell phone bills, car and house payments that are expediently paid; all lead to good credit.
However, if you’re already in the hole, even doing things right may not increase your credit score how you would prefer, and you’ll be ineligible for certain benefits. As an example, you’re not going to be able to get the credit card with all the bells and whistles if your credit isn’t at a certain level.
Still, though, you may be surprised to find what kind of credit cards are available to you. There are new promotions and benefit packages available every day to those with all manner of credit situations.
Finding Good Credit Card Deals
When looking for the best credit card offers, be aware that bad credit can be a major hassle to deal with. Without positive credit on your report, it will be difficult to get a credit card. Sites like this additionally help you find all the “deals’, as it were, on credit cards. When you can look at what’s available comprehensively, you can make informed decisions that allow you to acquire the most for the least.
When you burn off all the dross, though, your best bet as pertains to credit will always be getting rid of your recurrent debts. Here is a couple that you can probably cut out: the financing costs on your car, furniture financing, student loans, the smartphone you’re still paying off, and anything you pay for “creature comforts”.
You can get rid of the car and furniture debt by selling the car and furniture; if you’ve paid in enough, it’s even possible you’ll see a good percentage of the sale. This can be turned against your smartphone, and then the rest can be turned against pernicious student loans.
Cutting Creature Comforts And Prioritizing Debt
Next, you want to cut out the creature comforts. No more candy bars, no more bath salts, no more luxury coffees, no more close parking spots at the expensive meter, no more eating out or fast food. Cut these things out and you can likely save thousands of dollars annually that can be turned toward getting you out of debt.
It’s not fun to live in a hand-to-mouth kind of way, but the longer you defray ultimate debt relief, the more you’ll be living threadbare. If you delay the debt long enough, it may even be passed down to your descendants, which is surely intolerable.