New Year,New Financial Life

Posted: 8/01/2016

Did you make a New Year's Resolution?  Did it have to do with your health like losing weight or cutting back on smoking?  Have you given any thought about your financial health and your bad credit habits in the New Year? As you resolve to make some changes this year, add one or more of these credit/debt New Year's resolutions to your list.

1- Make a realistic repayment commitment to your debt: In 2011, listed "Get out of debt and save money" as one of the most commonly broken New Year's Resolutions. Instead of aiming big and trying to pay off the whole debt, make reasonable commitments like paying 20% of your debt, or paying $200 above and beyond your minimum payments.

2-Clean up your Credit Score: Most people never look at their credit score until they need it.  Although you may not want to pay for your credit score review, you can actually request a copy for free.  Go through it and make sure that there are no debts included in your credit history you have already paid for.

3- Improve your Credit: Your credit rating goes up or down based on how much debt to income you have.  It is possible to have numerous credits and yet have a good credit history.  On time repayments and paying more than the minimums make a huge impact.

4- Do not max out your cards: Credit cards should be an emergency tool.  Maxing out your card can have a negative impact on your credit score.  If not for the results on your credit score, you should always have room on your card for a rainy day.

5- Pay on time: Late fees are killers! Although you may think they are minimal, 4$ in late interest payments every month adds up to $48.  There are some other companies that may charge $25 late fee.  That is $300 per year! Avoid the late fee at all costs.

One thing is important, having cash on hand is very important.  If you are low on cash and need some liquidity to pay off a bill on time or for a financial emergency, contact the Micro-Loan team today.  We can help with a short term loan of $1000-$3500 with funding in as little as 24 hours. 

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