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Assessing The Problem

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					                              Assessing The Problem

Financial troubles are running rampant throughout the country. Hard working people are
falling behind on their bills and are looking for avenues to repair and correct their
budgets. Before you get started, ask yourself a series of questions to determine where you
are at, what can you do yourself to fix it, and to what means will you go to get there?


      How many credit cards do you have
      How many have high
      Do you apply for credit cards without reading the fine printed terms first?
      Do you have a mortgage?
      Do you own your vehicle or have a car payment?
      Have you figured out your total debt?
      Are you paying more than the minimum payments?
      How long do you think it will take you to get out of debt at this
      Are you aware of your debt to income ratio? (How much you owe verses how
       much you make)


Being aware of your financial status which will give you a more complete picture of what
needs to be accomplished. A good way to do this is to request copies of your credit report
from all the credit bureaus. This will give you a good start in answering some of the listed
questions. You will also be able to check for accuracy on any reported debt or default
listed in your credit report.

Take a look at your credit score. This score plays a major role in most types of financing
that you may want to obtain to help you with your financial situation. If you own your
own car, an auto title loan will give you cash for your equity without having to have a
good credit rating. If you are not the owner of the title, you will need to dig deeper to find
help with your financial troubles.

Once you know where your financial status is at, you will be able to start looking at ways
to climb out of it.


      With your given credit score, what types of loans will you be qualified for?
      Do you know ways to consolidate your payments?
      Can you refinance your home?
      Where can you cut spending?
      Do you have items to sell to help make payments?
      Do you have a savings account?
When looking to help yourself with debt, it would be good to start right at home. Find out
where any extra money is being spent and think about cutting back. Take a long hard
look at your credit card statements and see which ones have the highest percentage rates
or charge you extra usage fees. Credit cards that charge additional costs without any
default by you are not in the best interest of your hurting budget. A car title loan could
give you just enough to pay off or pay down on these types of outstanding balances. You
would be consolidating your bills on your own. Going to banks for a loan will require
having good credit. Even getting a second mortgage on your home is difficult unless you
have the credit history to support it.

There are outside programs that can help you if solving your problem for yourself is still
overwhelming. You will still want to do your research, ask yourself some hard questions
and be willing to follow through with what it takes to make the necessary changes.

				
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