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Debt Can Have an Impact on Your Health
No one thinks debt is fun or enjoyable, but did you know it can also be detrimental to your health? The stress and tension bills can create causes more than just mental discomfort: it can become a serious hazard to your health. It is more important than ever that you get out of debt and save money. There is a lot more at stake than just your credit score.
Anyone who has had to deal with debts from credit cards, medical bills, and loans knows that it can contribute to irritation, frustration, anger, stress, anxiety, and more than a few sleepless nights. Some people, however, experience physical side effects as well, including headaches or migraines, stomach aches, back and/or neck pain, digestive tract problems, serious anxiety and/or depression, increased risk of heart attack and ulcers.
These are all effects of chronic stress, when our bodies are constantly on high alert. Our bodies dont know the difference between a lion chasing us or the fear of not making the mortgage. We react similarly, flooding our system with adrenaline. When our body is under unrelenting stress for long periods of time, it affects the ability of the body and mind to function optimally. What all this means is that overwhelming bills can cause enough stress that our body considers it a serious emergency.
When you pay off credit cards, loans, and other burdensome bills, you begin to feel better. It is not just psychological, though that is important. Your body actually feels better.
If you are trying to cope with huge debts and it is taking its toll on your health, there are several things you can do to feel better. The first is to take action. Often, when we do not have a plan or feel like there is nothing we can do, stress is much worse. What can you do about your debt? Can you speak with your creditors? Can you develop a tighter budget? Do you need counseling from a dependable debt management expert? Is debt reduction a good option for you? There are things you can do to improve your financial situation.
As you are working to improve your personal finances, you can also take steps to reduce stress. Take walks, do yoga, exercise, knit, draw, read, have a movie or card night with friends, talk to someone about your situation and your fears. There are infinite ways to reduce stress, so find what works for you and make a commitment to include it into your day. Stress specifically related to finances can be reduced by not adding to your current balances, saving money, and seeing your credit card balance creep down each month. In this case, positive action is the best stress buster.
One of the most stressful parts of having debts is the feeling of helplessness and isolation. If you feel like you cant do it by yourself, dont worry. You dont have to. Impact Debt Settlement is ready to work with you to achieve not only a better financial future for you and your family, but also better health so you can enjoy that debt free life. Credit repair is possible, and we can help.
Increase Credit Scores Rating
Credit scores ratings always starts with Credit repair. It is something that takes time and patience to accomplish, especially if the damage was made recently. There are many ways to increase your credit score and boost your ability to apply for future financial aid, but these can be tedious and time consuming.
To start the repair, you will need a copy of the reports from all three consumer reporting agencies:TransUnion, Equifax, and Experian. Compare all the reports and make sure that all the information they contain are accurate. Some creditors only report to one agency, which can cause discrepancies. Also, there have been instances where closed accounts are still being reported open and paid off debts are still showing as unpaid. Make sure to correct these errors right away by calling the consumer reporting agencies and explaining the situation. You may also need to contact the creditors who made the report to send an update to clear up the inaccuracies.
The next step is to get rid of too much debt. Make sure to get rid of all most of your unsecured debt either by paying it off or consolidating it. Too much debt can be seen as a negative and is a factor when it comes to your credit file . Close out all the extra charge cards and store cards and only keep two – ideally a Visa and a Mastercard, to make sure that you will have access to funds when you need it. Keep the accounts that have been open the longest because this will have a positive impact on your credit score. Donít close out all the other accounts at the same time. Try to close only one or two accounts every six months to give your score time to adjust.
The way to confirm the repair is to ensure that you do not have late payments or incur an overdraft on any of your debts. Financial institutions report these to the consumer reporting agencies , who in turn put it in your credit report. There is a 30 day, 60 day, and 90 day category on missed payments, and having one of this can cause your score to take a very large drop .
Finally, make sure that your credit report information is being accurately reported. Your FICO score is partly based on the amount of debt you have versus the amount of credit you have available. Some charge cards report your highest balance instead of your limit, so if the highest balance youíve incurred is $400 out of a $500 charge card and you charge $450 the next month, it may look like you went over the limit. Make sure never to charge more than 30 percent of your limit to show that you are not spending more than you need to .
Credit report repair is a long term process, especially since some of the negative feedback will take 7 to 10 years to fall off. One thing that you need to remember is not to borrow more than you can afford to pay back and to make sure that your accounts are all up to date. After all, even though the repair can take years, it will still benefit you in the long run.