So… it’s the middle of February. How are you doing on your New Year’s Resolutions?
Don’t be too hard on yourself. About one-third of Americans ditch their New Year’s resolutions before the end of January, and about three-quarters give up before tasting sweet success.
If building a better credit score is one of your goals for this year, don’t give up yet.
Be one of the 8% of Americans who actually ACHIEVE their goals.
National Credit Educational Services is here to help you every step of the way. From your initial free consultation and financial education all the way through three rounds of professional credit restoration… we can help you achieve your goal of a better credit score.
If improving your credit score by 75… 100… even 150 points in less than a year is not enough motivation for you, how about these key facts?
1. A better credit score can improve your health
Yes! When you have a lower credit score, you often have trouble making ends meet because you do not have access to favorable financing or reasonable interest rates on credit cards. With a better credit score – and improved financial skills like we teach – you can stop living check-to-check.
A study conducted by the Associated Press and AOL a few years ago turned up some surprising links between living check-to-check and your health:
Among Americans who report feeling ongoing stress related to debt and money there was:
• Nearly 200% the rate of chronic back pain
• 300% the rate of ulcers
• 300% the rate of migraines
• 800% as many cases of severe depression
• 200% increase in the number of heart attacks
Experiencing stress, from debt or any other source, sends your system into “fight or flight” mode. Your brain senses danger all around, causing trouble sleeping, difficulty concentrating, and problems with memory, too.
It’s a vicious cycle… debt piles up, you feel stressed, you get sick, you go to the doctor. Blood tests, x-rays, and trips to the ER are expensive. Wham… more debt. More stress. Another trip to the doc. And on it goes.
Do yourself a favor. Get your credit restored. You’ll feel better about yourself… and your finances.
A better credit score = less stress = a better, healthier life.
2. Credit restoration unlocks your financial potential
Restoring your credit is the first step to a better financial life. Old, outdated, and incorrect information plagues more than 25% of Americans. That means you’ve got a 1 in 4 chance of having errors on your credit report that are negatively impacting your credit score… and your access to high quality financing with good interest rates.
Don’t think a better credit score is all that important?
Think again. A bad credit history can cause you to get passed over for a better job, even if you are more qualified than the other applicants.
You’ll pay more for cable, water, and other utilities that may check your credit.
And the higher interest rates you have to pay can make it impossible to do the things you want at a price you can afford.
Restore your credit now and start see the benefits before summer is here.
3. A better credit score maximizes your interest savings
Getting your credit restored at the beginning of the year allows you to reach out to your creditors and ask for lower interest rates. Lower rates mean less interest.
In other words, more of your payments go towards what you actually owe instead of making the credit card company fat cats even fatter.
Here’s an example…
Let’s say you owe $5000 on a credit card that charges you 19.5% interest. If you just make minimum payments, you’ll pay a total of $5,384 in interest over the course of 9 years to pay it off… assuming you don’t buy anything else with that card.
Is that TV, vacation, or daily trip to the coffee house really worth double what you paid for it?
If you restore your credit, you can call that same credit card company and ask for a lower interest rate because you’ll have a better credit score. If you keep making the same minimum monthly payments, a rate of 15% will save you over $2400 in interest, 13% saves more than $3100 in interest, and paying only 11% interest would let you bank an extra $3600 over all.
And… here’s a bonus for you!
Paying down your debts instead of just paying towards the interest each month will make your credit score go up even more. When your balances are going down, your Debt Utilization Ratio also goes down – helping give you a better credit score.
Once your score enters the “excellent” range, you will see a whole lot of bright, shiny doors open up wide. Lenders will want to give you money to spend… on a nice new car, a house with room to grow, or anything else you want.
Just, don’t fall back in to the black hole of debt!
Go ahead and buy nice things to provide for your family. Just make sure you don’t start spending tomorrow’s money on today’s pleasures.
If you have any questions, please give us a call at 770-952-5168 or contact us online.
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