7 ways to get out of debt

One out of every 3 households carries credit card debt from month to month, according to the 2015 Consumer Financial Literacy Survey by the National Foundation for Credit Counseling, or NFCC.

Some of those consumers are managing a modest amount of debt fairly well — always paying above the minimum on every account and holding back on new credit spending until the balances are paid down.

For others, however, debt is an oppressive burden that has them ducking creditors’ phone calls and struggling to keep up with even the minimum payments each month. Some may even be on the verge of bankruptcy.

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Get Your Free Credit Reports

Get Free Copies of Your Credit Reports

Credit reporting is a system lenders use to decide whether or not to give you credit or a loan and how much interest they can charge you for it.

Your credit report is based on the bills payments you have missed or been late paying, loans that you have paid off, plus your current amount of debt.

A credit report contains information on where you work and live, how you pay your bills, and whether you’ve been sued, arrested, or filed for bankruptcy. Consumer Reporting Agencies (CRAs) gather this information and sell it to creditors,

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Bad Credit 101

Checking your credit report is very essential because your credit score is an important factor that most lending businesses and banks consider when you apply for a loan.

Whether the loan is for your mortgage or a new car, creditors and banks check your credit score to determine whether you are eligible and what interest rate is appropriate.

Also, if you apply for a finance-related job, employers will likely check your credit score. It can reverberate throughout your financial life, so it is crucial that you always have a stellar credit record.

If you have bad credit because you were hit badly in the past by the unstable economy,

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Action Line: Don’t get scammed

A reader: Spring break is just around the corner. I want to take my family on a much needed getaway. We want to go to the beach. We usually stay in a hotel but are thinking it would be great to have a house to ourselves. How do I go about renting a beach house?

Action Line: Who doesn’t like a good vacation? Don’t relax yet because scammers are always hard at work to get some of your hard-earned dollars. Vacation rentals usually offer many of the same amenities that you have in your own home. Your vacation may be just the opportunity for your entire family to rest and rejuvenate.

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