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Pregnancy Book Financial Planning Credit Counseling for New Families
Pregnancy Book Financial Planning Credit Counseling for New Families | Credit Counseling for New Families |
Page 2 of 7 How will Your Credit History be affected? A debt repayment plan does not erase your credit history. Under the Fair Credit Reporting Act, accurate information about your accounts can stay on your credit report for up to seven years, and bankruptcy for up to ten years. In addition, your creditors will continue to report information about accounts that are handled through a debt repayment plan, so if you keep a steady pattern of payments it might help you get credit in the future. In conclusion, there probably never is a good time to deal with your debts and financial difficulties, but the responsibility of children demand that you make that leap and face your financial situation. Once you get your budget and debt in order, you might find you are a happier and calmer person and therefore a better parent. Solve your financial problems to better the quality of your life. Dealing with Debt Before you decide to take care of your debt, or better yet before you decide to take a loan that will put you in debt, here is a basic explanation regarding the subject. We offer you the basics for trying to understand your financial situation. Even if you are only progressing in baby steps towards financial relief, the earlier you start the faster you'll reach your goal. Here are some tips on how to deal with debts which usually are not included in credit counseling programs Secured or Unsecured? Your debts are either secured or unsecured. Unsecured debts are not tied to any asset. Most credit card debt, bills for medical care, signature loans and debts for other types of services are all included in the unsecured category. Secured debts are tied to an asset, like your car for a car loan, or your house for a mortgage. If you stop making payments, the lender can repossess your car or foreclose on your house. Since the counseling you get for loan repayment doesn't usually include the payments for secured debts, you must care for them on your own. Use the advice you get on your unsecured debts in order to plan out your other payments more wisely. |
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