Credit is something we as Black African-American have not taken the time to understand and acknowledge that this is something we need in life. I encourage anyone who is out there struggling with debt to contact your professional debt collectors and sort out your problems. In addition, set up a payment plan to show you can be a responsible individual or business person. with just a single phone call can change your problems for good. If you need help try to seek resources within the community that can assist you with your debt.
We all have experienced hardships in our life but in order to be able to fix those issue, we as people must learn to communicate with others to sort out any type of hardship that you may be dealing with. I can really talk about this for hours because I was one of those teenagers who went and bought things without fully understanding interest rates and how interest could and can increase my bill if I did not keep my payments up to date. Not only did I lack in fully understanding credit debt and interest rates. I use to lack in communication as well. which later in life lead me several hardships in life. now that am an adult and have learned the proper way to conduct business I can spread the knowledge to others.
Cause and Effect
For example, imagine a 17-year-old teenager or individuals at the age of 21 to 27 ready to explore the world of driving. In order to drive, you must have a vehicle right. so he or she decides to purchase a vehicle on credit with no down payment and high-interest rates without even understanding what is considered a high-interest rate. You could become a victim of high debt and paying more for a car without even knowing it. Which would later cause you to lack in payments? In return, this could hinder you over a grace period and ruin your credit and who would want derogatory marks (generally stay on your report for 7- 10 years) on their credit, not me.
Would you like to know how you can fix your credit?
Credit Karma is an awesome way to get in touch with old debt to settle your differences. They provided me with my debt collectors contact information and resources to help me manage my credit. I just want to encourage people who don’t ask for help because I understand. I have experienced several hardships in my life before, I learned how to manage my finances; so that my debt would decrease. now I must say it feels great to not receive those hasty bills and debt collector phone calls.
Here are a couple of steps I chose to take to take minimize my debt so I can have manageable credit once again.
A Couple of Suggestion to Payout Debt
- Contact your debt collector
- Talk about your options
- Set up a payment plan
- Start with the largest debt first to reduce the level of your credit
- Be consistent on payments
- Provide more funds on the payment if you can to reduce the debt at a faster rate.
Remember no one can understand if you don’t speak up and seek help.
To not have resources is understandable but to have them and don’t utilize them is just a waste. So, I encourage people to make time to understand how debt, credit, and interest rates are established and how your credit score can be affected if you don’t carefully manage your finances.