Advertising has always made an impact on consumers, but the influence has been taken to another level now that we all spend a lot of time on the Internet. Search engines inundate you with images of products that you have showed interest in through your browsing history, so you are constantly tempted. Plus, in many cases, when you do decide to make a purchase, you are offered a discount if you apply for a line of credit with the company. Before long, it can seem as though you can buy anything you want without reaching into your pockets to lay out any cold hard cash. Over time, this misguided perspective can lead to unmanageable debt.
Without question, the system is set up to invite people to spend beyond their means, but you don’t have to fall into the trap. If you develop good habits when you are a young adult, you can utilize credit wisely when it is prudent, and steer clear of behavior that can leads to unmanageable debt and a subsequent bankruptcy filing. To keep a finger on the pulse of your financial health, you should always be aware of your credit score. Many credit cards provide cardholders with free credit scores on a monthly basis, and there are also websites that you can visit to obtain your score, and some of them are free.
You get the score itself, but you also get an explanation of the factors that are influencing your credit score either positively or negatively. These would include the timeliness of your payments, the length of time that you have had credit, the percentage of your credit lines you have used, and the number of recent credit inquiries. If you keep these core factors in mind when you are making financial decisions that involve the utilization of credit, you will develop the right habits. Of course, the ebb and flow of your credit score will inform you with regard to the impact of your recent credit usage, so you can adjustment your behavior when necessary. Some people will set credit score goals, and this can definitely help to keep you on track.
Without question, good habits can allow you to steer clear of monetary problems, but you do have recourse if you simply cannot pay all your debts for one reason or another. Bankruptcy will be the right choice for many, and our firm can help you understand your options so that you can make sound decisions that get you on a path that leads to financial wellness. We have offices in Eugene, Portland, and a number of other cities throughout the state of Oregon, and we also have locations in Washington. If you would like to schedule a free, no obligation case evaluation, give us a call right now at 1-800-682-9568.