Getting A Handle on Debt

Joining Live_Online on Wednesday was the senior partner of Attorney Debt Solutions of Sacramento, C. Roman Rector, ESQ. He offered these steps for dealing for mounting debt:

Pay your secured debts first

Don't cash out your retirement

Don't carry all your credit cards. Don't cancel them but try your best not to use them.

If you can make your monthly payments, but you're not reducing the principle, a debt management company may be beneficial.

If you can't make your monthly payments and your interest rate is rising, you're accumulating late fees and overdraft fees, then filing for bankruptcy could be the answer.

Your credit score is the key piece of information that affects decisions on everything -- from whether or not you get a loan, credit card, home or job.

The national credit score average is 676, but individual scores can range from 330 to 830. The higher the score, the lower the credit risk.

According to the Public Interest Research Group, one in four credit reports has errors that are serious enough to disqualify consumers from opening a bank account, purchasing a home or even getting a job.

The easiest way to obtain a free credit report is to log on to www.annualcreditreport.com.

Additionally, you can obtain a copy of your report by calling the toll-free numbers of the respective big three credit reporting agencies: Equifax, Experian and Transunion.