Finance Industry News

Over the past several years, more people than ever have found themselves in financial crisis. Property values have plummeted, and daily living expenses have skyrocketed. Compounding this problem is the fact that millions have lost their jobs. People who had for years maintained excellent credit found themselves falling into the slippery slope of debt. Many people wonder how to fix bad credit so that they can live more comfortably and debt-free.

With a low credit score, you may find it difficult to get assistance when you really need it – such as when the car breaks down or you have some emergency home repairs. With a higher score you have more choice in the terms and interest rate of any future loans. These days, a low score can even prevent you from getting an apartment or buying a home. Remember that as your scores did not fall overnight, it may take awhile to rebuild them.

The first thing to do is obtain a copy of your credit report from all three of the major credit reporting bureaus.

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A friend discovered this wonderful life hack (read: clever solution to a mundane problem) and I’d like to pass it along. He sometimes gets notices from his credit card company with a replacement card. The precaution is great for his security, but wreaks havoc on his auto bill pay (remember my post on that last week?). For him, credit cards were just too useful to switch to cash. What to do?

He devised a system where he used a specific card for certain expenses. For example, say you have two credit cards:

• Credit card 1 is for safety. It’s reserved for regular purchases, including your car payment, utility bills and transactions with big and trusted retailers. This card would have a higher limit than card 2 because your regular payments should take up most of your budget.

• Credit card 2 is for fun. It’s reserved for spontaneous purchases, including charges at small businesses and places you rarely . You take

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