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Is it the credit card that has got you in trouble? Then it
is important that you break the cycle of "instant gratification".
Get in touch with your credit card company and make them
close your credit card accounts. It is important that you
close your credit card accounts at once.
Take care of any collection accounts that may be on your report.
Make sure they are paid and then listed as paid on your credit
report.
If you have problems paying collections, you may seek debt
counseling services who can negotiate a reasonable repayment
strategy.
Consolidate your existing credit card balances into one reasonable
repayment plan. The repayment plan will become part of your
family budget.
When you apply for credit, e.g. a credit card, an inquiry
will be made on your credit report. If you can, avoid unnecessary
inquiries. Try to limit inquiries to one inquiry per 6 months.
One way to show that you have financial control is to open
one to two deposit accounts, in particular savings and money
market accounts, show stability. You should remember to hold
a balance on your accounts.
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