Reestablishing your credit After Bankruptcy Part 4 – Keeping on Track
So you have your budget, you have a nice new secured credit card, and you have made sure that your credit report is accurate. What now? Now you have to continue to make good financial decisions. For an example, make sure that you pay all of your bills on time. Each person has their own way of keeping track. Here are some resources that are available to help: Google Calendar – If you have a gmail/google account, you have access to a free calendar that can send reminders to your email or to your smart phone; Phone Reminders/Alarms – Most cell phones also have a calendar ability that will notify you of any events that you enter. You can even set this to a monthly, weekly, or daily reminder. Physical Calendar – Not everyone wants to rely on technology for their reminders. A plain and simple desk or wall calendar in a conspicuous place can be just as helpful.
Having trouble with the rising prices on necessities such as food, clothing and gas? Most grocery stores have a savings card that you can sign up for free and will give you sale prices on items you need. And some have even partnered with gas companies to offer savings on gas when you purchase your food at the participating stores. Don’t be afraid to clip coupons. If you don’t get weekly coupons in the mail in your area, you can usually access coupons online and you can pick and choose what you print. If you still want to eat out but don’t want to spend a lot of money, see if your favorite restaurants have coupons, weekly deals, or email savings signups.
As a matter of fact, if you reside in the Myrtle Beach area, there are restaurant coupon books or dining clubs that offer buy one get one ½ off on 100s of major local and chain restaurants in the area. You could purchase these through school fundraisers. It’s a win win situation! This is also true for other companies like movie theaters, amusement parks and other forms of entertainment. You can still be thrifty without cutting out the things you love.
Mortgage payment getting you down? Sometimes loan modifications are a good option for those who have filed after they are discharged. This can lower your interest rates and make your monthly payments more affordable. If you are approved, then you can save the extra money for emergencies. Speak with your loan officer to see if this is a viable option for you. Always make sure that you know all the facts before you agree to any modification. If you are unsure, speak with an attorney about the modification.
One last thing that will help you keep on track: avoid the types of credit and loans that are difficult to pay off. Finance companies, consolidation groups, and payday loan companies are here to make money. They may seem like a way out of a bad spot, but they very hard to get out of–they often have the highest interest rates anywhere. You often end up owing twice what you owed or more. Once you start using these services, it is hard to stop.
Reestablishing your credit After Bankruptcy is not an easy thing. You have to make major changes in your life to prevent future financial disasters and sometimes it is hard to let go of bad spending habits. However, with the right planning and saving, it is not impossible. And if you keep on track with your budget and spending, your credit will be restored and you will be able to achieve financial success in the future.
Should you have further questions regarding reestablishing your credit after bankruptcy and your own unique financial situation, please do not hesitate to contact our office to speak with an attorney today. We are here and we are ready to help.
Lam Law Firm, LLC •1335 44th Ave North • Suite 100 • Myrtle Beach, SC 29577
DISCLAIMER: The information contained on this page is for general information, only. It is not intended to be legal advice, nor should you make legal decisions based on this information. Please consult one of our attorneys to see how the law applies to your particular situation.