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Photo Credit by Luis Llerena
and by Public Domain Images
Step #3:
Identify your income to debt ratio. You can accomplish this is by identifying how much you bring home after taxes have been paid, or deducted from your paycheck; by adding up all of your monthly liabilities/expenses and then seeing how much money you will have left to satisfy those monthly recurring payments. The most important thing to remember is to first pay yourself 10% each time you get paid. The remaining funds are then what you will use to pay those bills. Often times, you will find that you won't have enough funds left to make those payments, so some drastic adjustments may have to be made in order to effectively prioritize.
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Step #4:
Lastly, pay all of your bills on time! A healthy payment history will increase your score in a major way. The more reliable you are in paying your bills on time is the more trustworthy you will be to receive higher credit limits and better credit card offers.
These are just a few helpful tips in your pursuit of rising above financial adversity. For more information and a free consultation, contact Mark Chambers, FSCP (Financial Services Certified Professional) at 267-283-6812. Financial Literacy is the key to Financial Freedom!