Living Debt Free: The New American Dream

Living Debt Free: The New American Dream

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With the rising costs of living in Ohio, more and more Cincinnati women are finding themselves struggling with debt. Debt and credit issues can sneak up on you when you least expect it and force you to put at least some of your financial and life goals on hold. Debt and bad credit that stem from bills, student loans, and the costs of raising a family is a problem that plagues many Cincinnati women. While it can put a serious damper on your plans, bad credit does not have to be a lifelong plague. There are many debt solutions especially for women that will allow you to take back control of your finances and live the life you’ve always wanted.

Debt Forgiveness

The most obvious solution for repairing bad credit is to contact a credit repair agency. A credit repair agency is a company that works with clients to remove certain items like late payments, repossessions, and even foreclosures from their credit history and negotiates manageable interest rates with debtors. The most popular credit repair companies for 2017 are Lexington Law, Sky Blue Credit, and CreditRepair.com. One review of Lexington Law found that Lexington had a 9.6 out of 10 customer approval rating, in comparison to CreditRepair.com’s 9.4 and Sky Blue Credit’s 9.3, signalling that consumers are becoming increasingly satisfied with this legal solution of repairing credit on their individual files.

Debt After Divorce

Many women get into trouble with credit after divorce as they adjust to life on one income. If you have children, the hit to your credit may be even bigger, as single moms are among the highest demographics of individuals living below the poverty line. Rebuilding your finances after divorce is one of the most important things you can do to secure a comfortable life for your family. Once you’ve checked your credit score, it’s time to establish a credit history that is separate from your ex-husband’s. A simple way to rebuild credit is to apply for a credit card from your financial institution. If you cannot apply for a credit card, paying your bills on time will also help you to rebuild damaged credit.

Pay off those Charges

If you have outstanding debts from student loans, your mortgage, or miscellaneous payments, you should work on paying off any debt before you commit to any large financial risks. Outstanding debts account for 30% of your credit score, meaning that getting rid of outstanding payments is one of the fastest ways to raise your credit score and rebuild your life.

Extra Help for Those in Need

If you find yourself seeking additional credit resources, the Cincinnati United Way is a great resource for credit counseling, helping finding work and affordable housing, and support. The Cincinnati-Hamilton County Community Action Agency is another resource for Cincinnati residents on low and moderate incomes to turn to for help paying bills. Both of these agencies specialize in helping those who may be experiencing hard times get back on their feet. While it is easy to feel helpless when faced with financial difficulties, by taking advantage of the many Cincinnati resources, it is possible to get back on your feet and reclaim your life. 

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