Getting Your Finances BACK ON TRACK

There are several methods you can follow to get your finances back on track, either to avoid bankruptcy or after you have gone through the process of bankruptcy.


The first step to making sure that your finances are more manageable is to get organized. Bring all of your statements and bills into one place and find out exactly how much you owe to each place.
Then, see how much money you are bringing in that you can afford to put towards what you owe. When you have done this, you are going to see if you can manage to make the minimum payments or not.

If you find that you are constantly unable to make the minimum payments even after you have organized all of your finances and have a list of what you owe, you might want to consider contacting each individual creditor and asking if there is anything that they can do to lower your payments. If they know that you are looking at bankruptcy, or that you are afraid this is going to happen, they are going to be willing to help you because if you do file for bankruptcy they might end up getting only a small part of the money that they hope to get from you. So, talk to each of the creditors. Make sure that they know what your situation is and give them the amount that you are willing to pay per month. There ARE usually things they can do to help, but you MUST ASK BEFORE THIS BECOMES AVAILABLE TO YOU.

Another thing that you should remember when you are getting your finances back on track is that building up credit is very important. You should be sure that you are finding ways to build your credit. Sometimes this means taking out a small credit card or a small loan and paying it off right away. This is a great way to build your credit little by little. As you build your credit you are going to find that you are able to pay back certain things that are owed and that you are getting more and more credit as you go along. These are all great ways to make sure that your finances are getting back on track, which is going to help you to be more successful when it comes to getting more credit and getting more money. Remember that you need to make sure to make each payment, and to make it on time. This is a great way to get your finances on track and be sure that you are putting your best options on the table.

Finally, remember that BUILDING CREDIT is having money in reserve. You should not make the mistake of lending more just because it becomes available to you. That would NOT bring your economy back on track.

More on this subject in future articles on this blog. :-)