Categories

Content Type

Sources

How to: Recession-proof your credit

By Daniel Vasquez, South Florida Sun-Sentinel, Source: MCT News Service

Maintaining good credit and getting finances under control is more important than ever right now.

Do NOT give into bad credit blues or try to avoid your mounting problems.

Take charge and get yourself under financial control _ even in a recession. If you're having trouble making monthly credit card payments, address it before you miss payments and your account is reported as past due to credit bureau reporting agencies. Once your account is reported, it could negatively impact your credit rating, which may affect your ability to get additional credit in the future.

Citi Cards offers these simple tips:

_Talk it out. Don't be embarrassed to explain your situation – honestly and immediately – with your credit card company. The sooner you talk to them, the better they'll be able to help you.

_Work it out. Most credit card issuers want to work with you to come up with a payment plan to keep your account current. Many people experience tough times, but no two situations are exactly alike. So work with your card issuer to see what temporary payment options may be available to you, such as: Lower monthly payments, reduced interest rates and waived late fees and over limit charges.

_Keep track of your account _ automatically. Once you've set up a payment plan, stick to it by signing up for free online tools offered with your credit card. Automatic Alerts notify you via e-mail or text message about important account activity such as due dates, current balance or payment notifications. Additionally, some issuers offer customers an Auto Pay feature ensuring you'll never miss a payment.

_Stay the course. Once your payments and account are back on track, resolve to use credit wisely. For free helpful information on credit and financial management, visit to www.UseCreditWisely.com.

___

(c) 2009, Sun Sentinel.

Visit the Sun-Sentinel on the World Wide Web at http://www.SunSentinel.com

Distributed by McClatchy-Tribune Information Services.

_____

TO SUBSCRIBE TO NEWS2USE

Items in the News2Use package are not included in your MCT News Service subscription. You can subscribe to the News2Use package or purchase the items a la carte on MCT Direct at www.mctdirect.com. To subscribe, please call Rick DeChantal at Tribune Media Services at (800) 245-6536 or rdechantal@tribune.com. Outside the United States, call Tribune Media Services International at +1-312-222-4444 or e-mail tmsisales@tribune.com.

_____

PHOTO (from MCT Photo Service, 202-383-6099).