Once the debt consolidation package has been made, it is time for you to come up with the money and that usually means cutting down your expenses for the moment.
If what you are saving is not enough, you may need to make some hard choices like selling off certain valuables especially when no one will lend you the money except perhaps if you have friends that are very understanding.
When you have finished paying off your debt that could take months or even years, make sure you get a settlement letter from them and send a copy of this to the credit bureaus so this can be updated on your credit report.
There are lessons to be learned once you have successfully undergone credit repair.
First, keep an eye on your expenses. If the credit given to you is quite big, don’t be tempted to max it because you will mostly have a hard time paying for it.
Second, while most creditors will allow you to pay a minimum, whatever is left grows because of interests so you are not doing yourself any favors by not paying this amount in full.
Third, if this is something you can’t do alone, don’t be ashamed to ask for help because there are counselors ready to help you out.
Fourth, pay all your bills on time and in full.
Credit repair could have been avoided if you played it smart. Now that you are here, you have to do what is needed so it can be corrected.
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