Hello, my name is _____ and I have bad credit – Financial Services


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Shame keeps you up at night. You think about where the money went. Maybe a big thing: a trip to Mexico or the laptop you need for school. Often it’s a bunch of little things. Late at night, you go through the list in your head: new shoes, that jacket for your interview, reading week 2016, flea medicine for the cat. All these little things are piling up around you and suddenly it’s hard to breathe.

“Our beliefs about money are so ingrained that it’s hard to talk about it without a lot of emotion kicking in,” said self-help guru Louise Hay. “It is much easier to give a workshop on sexuality than to give a workshop on money.” According to Hay’s logic, is a financial failure even worse than a sexual failure?

In a society where too much of our self-esteem is determined by what we earn, the urge to project affluence can lead many people to spend beyond their means and rack up levels of debt. seemingly insurmountable. Even if you’ve paid the bill, a bad credit score can make you feel like a weight around your ankles.

Here are five things you can do to start rebuilding your financial security:

1) PAY YOUR BILLS (IF YOU DON’T HAVE IT ALREADY)

Maybe it wasn’t what you wanted to hear, but there’s no getting around it. Talk to your bank about ways to settle your debt that allow you to enjoy life.

2) CHECK YOUR CREDIT SCORE

This one may be even less fun than the first one, but it’s just as important. Confronting the problem head-on is the only way to grasp the true magnitude of what you are dealing with. There’s even a chance it’s not as bad as you think. A friend of mine spent five years agonizing over an old credit card he accidentally left behind as payment for his Netflix account, only to find the bank closed it themselves. In the end, all the debacle cost him were the countless sleepless nights he spent convinced he could never get a mortgage.

CUT YOURSELF A LITTLE SPAC. MOST OF US HAVE MADE BAD FINANCIAL DECISIONS IN THE PAST. BUT THAT’S NOT ALL WE DO WITH OUR LIVES.

3) CREATE NEW HABITS

It is far too easy to overspend. Creating a budget that helps you stay within your means is key to creating financial accountability. Apps like Mint and Pocket Guard can help tremendously. They also provide reminders to pay your bills on time.

4) GET ANOTHER CREDIT CARD

Why? You might ask. It was that damn plastic that got me into this mess in the first place! But whether you like it or not, having a good credit rating is directly tied to your ability to make big purchases in the future, like a house or a car. It may even affect your ability to rent an apartment or get hired for a job. There are many credit cards specifically designed for people with bad credit. While you might not get access to the same perks you get with some of the flashier cards, it’s still a step in the right direction.

5) CUT A LITTLE LOOSE

Most of us have made bad financial decisions in the past. We spend money because that’s what our culture has taught us to do since birth. But that’s not all we do with our lives. We help our friends, we love our partners and our families, we study subjects we are passionate about, we participate in our communities. Shame can be useful in that it tells us that we have done something wrong. But chances are you already know that. You’ve probably had this ailment hanging over your head for some time now.

Despite the overwhelming prevalence of money in our society, few of us learn to manage our finances responsibly. And like sex, we are constantly inundated with its gratuitous and unrealistic portrayals. There is no magic spell or one-size-fits-all solution to your complicated relationship with money. But facing the problem head-on is a good place to start.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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