When Your Credit Report Reads Red
Contributed by Roland Head
So you've gotten yourself into a jam with your credit report
According to Consumer Federation of America, 80% of U.S. households have consumer debt as part of their credit report. Of these families the average debt is $12,000 and 10% to 15% of these debts become very difficult to settle. In our age of the looming possibility of stricter bankruptcy laws, consumer debt is no small matter. It may become so difficult that you need help to clear up your credit report.
Help is out there for you in the form of debt consolidators. I know I receive about one or two calls a week from these folks advertising their services even though my credit report is excellent.
Prepare yourself for a long haul to clear up your credit report
It will be a long arduous period to clean up your credit report, but it can be done. One of my co-workers has declared bankruptcy several times. She didn't lose her house or car and she was still able to refinance her home. She had a lot of help though, and I'm sure her credit report was in shambles for some time. You maybe haven't got to the point of declaring bankruptcy, but you still have gotten a bad credit report that needs attention.
Just remember it is possible, but be prepared to make some adjustments. You obviously will be limited in who will offer you credit based on a bad credit report.
