Credit Repair and Financial Freedom
Your Credit
On the day that you decide to set foot on the path to financial freedom you should take a good hard look at your credit reports. The content of your credit will determine your credit scores. Every one of the building blocks of your financial plan is important. But if you ignore your credit every single large obligation in your life can end up costing far more than it should.
Credit Repair
As a credit repair professional I can tell you that there is a strong likelihood that your credit report contains errors that are having a negative impact on your credit scores. When you review your credit reports please take the time to look at every single item. The all important FICO credit scoring model places a significant amount of weight on information that you might not normally consider. Most people scan their credit report in search of obvious derogatory items like late payments or collections. Important information like the age of each account as indicated by the initial reporting date is often ignored. There are a number of important categories that can have a major impact on your score that you need to examine. A close look at all three of your reports will pay dividends.
Live Within Your Means
Over time life will force you to live within your means. It is a universal truth. If you live beyond your means today you will inevitably be living below your means tomorrow. Spending beyond your ability to repay is a temptation to which too many people succumb. The result may be familiar to you! If you find yourself wondering where the money for your car payment will be coming from, or if you find yourself examining the content of your checking account and realizing that you will have to cut back on your food budget, you have probably over committed yourself.
Start Your Budget Now
How much do your really have available to spend? This is not a complicated question. For most people the answer comes in the form of their weekly paycheck. If you want to put an end to financial stress you have to make a serious effort to live within a budget. Whatever it takes you have to make your expenses fit within the constraints of your income. If after a careful accounting you discover, as many people do, that your expenses exceed your income you must take immediate action to correct this situation. There are only a couple of options. If you have examined your credit repair options as a means of reducing the cost of your credit the only choice left is to look at ways to cut back. If you are serious about achieving financial freedom you need to make this a priority.
The Beauty of Simplicity
If you find that your expenses exceed your income you need to look at each expense item with an open mind. If you want to be free from money concerns you may have to make sacrifices. This is a matter of priority. If you have purchased an automobile with an oversized payment you should consider trading it in for a car that fits within your budget. Are you stuck with a mortgage that is sucking so much money out of your account each month that you have nothing left over? If you want peace of mind you should consider downsizing. There is no shame in this. If you don't make these decisions voluntarily today you may find that your creditors are forcing you to make the decisions tomorrow. In the credit repair business we see people every day that have come to these valuable realizations the hard way.
Inner Wealth and Outer Wealth
You should not look at these budgetary decisions as an austerity plan. The inner peace that comes from living within your means is far more satisfying than the pleasure of buying unaffordable possessions. If you can fully grasp this concept and put it into practice an amazing thing will happen in your life. You will discover that you have more money than you need each month. And having discovered the joy of living within your means you will naturally discover the next step towards financial freedom which is savings and prudent investment. The value that you place on inner peace will inevitably lead you to real wealth. The first steps towards financial freedom may seem hard, but the moment that you commit yourself to the path you will feel a burden lift from your shoulders. You are on your way.
Copyright © 2007 James W. Kemish. All Content. All Rights Reserved.
Related Tags: money, credit repair, debt, credit, self improvement, personal finance, budget, credit scores, money saving tips, home finance
Jim Kemish is the president and founder of Power Mortgage, a Florida mortgage company based in Delray Beach, Florida. Power Mortgage Corp was established in 1989 and serves the states of Florida, Georgia, Massachusetts, and Virginia. Jim is also the President of Sky Blue Credit, a national credit repair business. For great credit and mortgage tips visit the Florida Mortgage Blog. You'll be glad you did!
Your Article Search Directory : Find in ArticlesRecent articles in this category:
- What's In Your Credit Report?
IdentificationYour name, address, social security number, birthdate and previous and current employm - Pros And Cons Of Low Purchase Rate Credit Cards
Low interest credit cards are outstanding until the time period runs out. Most of these offers promo - Bad Credit Loan Scams
There are several bad credit loan scams out there. These are usually aimed at those that don't have - Successful Credit Repair Methods
If you bad credit, you are not alone. Fact of the matter is there are tens of thousands in the count - Auto Loans Bad Credit: Bad Credit Is Not An Obstacle Now
Now a days, people want their own Cars. Though there are Public Transport Systems, they do not watch - Credit Card Services For Your Business
Co Branded Credit cards can be very beneficial for you if you have a business. These cards are onlin - Will The Actual Natural Motion Endure Large Food? -- Horizon Milk
The natural food business may be going through major work day in energy in the past 10 years. Becaus - Prices Of Dlp Lamp Alternative Parts - Dlp Bulbs
Since you will have to purchase a DLP> lamp each and every few years, it might be useful to know the - Dlp Bulbs -- Facts About Dlp Lamp Replacement
With regards to technical breakthroughs there aren't many things that are more popular than tvs and - Ways Which Anybody May Restore Their Very Own Credit Rating Easily - Credit Repair For Dummies
If you listen to a lot of the actual ads which are available regarding credit>, more than likely you
Most viewed articles in this category:
- Credit - Repair
To make the life more comfortable people purchase lots of things from clothing to cars and homes tha - Helpful Tips For Using Low Interest Rate Credit Cards
People with good credit ratings often receive offers for low interest rate credit cards. A credit ca - Benefits to Businesses Accepting Credit Cards
Many business owners report a sharp increase in profit when they begin accepting credit cards as a m - How To Remove A Bankruptcy From Your Credit Report
Credit report repair can be a long, tedious process and one of the hardest items to get removed is a - Putting Low Interest Rate Credit Cards To Work
If you have a solid credit rating, then you may receive offers for low interest rate credit cards. Y - Buying A Car With A Personal Contract Purchase Loan
If you are looking to buy a car but are unsure whether or not a new car is worthwhile, then you shou - Credit Repair - Tips And Tricks That Work
When you apply for credit, your lender will request a credit report from a credit reporting agency. - Bad Credit Debt Consolidation
No doubt there are numerous bad credit personal loans but hunting for a secured loan for bad credit - Before You Buy
Check out the market in the area you want to buy. Find out what price houses are going for and - Top 10 Keys To Creating A Good Credit Score
We know it can be unfair but credit is used for everything these days. Utility companies are even us