Shiyala
“Dear Steve,
I am moving back to my parents house after a year of living on my own and I have fallen behind in everything. I am freaking out cause i want to try to keep my credit in good standing but im so worried I feel like I don’t know how keep myself from drowning.
How Can i make all my payments and get on track by September to trade in my leased car?
Shiyala”
Dear Shiyala,
There is no magic to getting in good standing, you’ll need to pay the amount past dues and keep current on your monthly bills. I suspect this will be easier to do once you move back home and reduce your expenses.
You will need to do this quickly though to get your credit report into good shape for the September trade-in date if you are planning to buy or lease another vehicle.
The most important fact to know right now is if you are even earning enough money to pay your bills. Income should be used like this. All bills paid, save a bit, invest a bit, and have fun with a bit.
It’s not rocket science but it is hard to actually implement since our desires for fun and new stuff often overpower our ability to focus on the long and boring task of digging out of debt.
When you do focus on getting yourself out of debt, I would suggest the debt snowball approach. It is a sound philosophy that will help to keep you motivated with progress as your debt vanishes.
You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
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