Good vs. Bad Debt: Avoid The Credit Card Collection Agency Blues

Good vs. Bad Debt: Avoid The Credit Card Collection Agency Blues

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So the other day I spent some time on Free Credit Score’s website, making sure that I didn’t have any bad debt and hoping that a credit card collection agency wasn’t planning on raiding my bank account. While investigating the option of bad debt I discovered that I have an outstanding credit score of 738 across the board! Not bad for a man with no job and maxed out credit cards. I think that if I continue to max out Visas and don’t find a job soon I will have a credit card collection agency banging at my door waving a pitch fork and flaming torch. unnecessary to say I was thrilled.

Managing bad debt or averting the possibility of ever having bad debt is not a difficult task. I have never, as long as I can remember at least, had bad debt or have been endangered by a credit card collection agency. In the defense of those with bad debt, I will say that once a mistake is made and the bad debt incinerates your credit, it is very difficult to bounce back from. dealing with bad debt does not have to be overwhelming. Preventing a credit card collection agency from harassing you and surviving the cancer of bad debt can be as easy as paying your bills on time.

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Here are some tips on avoiding bad debt that I learned from a crotchety old miser with a passion for gold and I am not talking about Old Ebenezer I am referring to my irritating grandfather. For starters you should reimburse your bills. Bad debt is caused by not paying your bills on time. Unfortunately for some people, paying your bills can befall difficult especially when working with less money. If you find yourself in a condition where money is tighter than your Thanksgiving belt size, it is time to make some cuts to the budget. Find some expenses that you can sacrifice i.e. magazine subscriptions, horse grooming lessons, whale hunting trips etc. Once you cut the unnecessary fat of unneeded expenses, Money can be found easily to ward off the evil credit card collection agency.

While paying your bills is an important responsibility, paying yourself is just as essential. If you have a 401k or an IRA it is important that you keep pumping such advantage with cash flow. Eventually, your situation will perk up unless you enjoy swimming in bad debt and speaking to a credit card collection agency on a regular basis. While continuing to save money, you will sooner or later have that nest egg of a retirement. Surrendering every penny to your bill collectors may be a wise choice currently but in the long run it will be one of your biggest regrets.

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Of course this advice seems conflicting. How am I supposed to save wealth and pay my bills on time? Well, the remedy is not as simple as you would hope. Surviving bad debt is numerous for everybody. The sacrifices are different the credit card collection agency will never be the same and the assets may or may not exist. Everyone should find a positive groove that will allow them to provide for themselves but be responsible. The less expenses the better. The less wants you can survive without the stronger you can fulfill your needs. Avoid the credit card collection agency asking you to relinquish your bad debt and start saving money to pay your bills.

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