INCREASE YOUR CREDIT BY DECREASING YOUR DEBT

Happy Loan Corp.Uncategorized0 Comments

According to the latest reports, over 47% of Canadians have a credit card. This means that they are all stuck in a cycle of repeated debts. With a credit card, it is easier to reborrow the money that you paid back, immersing yourself in a cycle of never ending debts. Fortunately, there are some ways by which you can make this easier on yourself, and free yourself from this cycle.
Make a budget
This may seem like the most obvious answer, but it is the truest as well. By making a budget, you are documenting wherever you are spending your money. In this manner, you can cut back on the things you are wasting too much on, and use the money to pay back your debts.
Furthermore, do not reborrow your principle amount. This might seem like a cheap and convenient method in the short run. However, this impacts your credit score considerably, and when you will need a loan for a car or a house, you will be refused.
Take up another job
If you feel like you are not being able to pay back your debt and have a conducive standard of living on your current salary, then get another job. Most of the working population nowadays have started monetising their talents, be it writing, drawing, or oratory. If you have the time and the talent, a second job is recommended. Having another source of income is not only beneficial to your credit score, it can also help you in times of duress, for example if you get fired.

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