Question by human_aspects: Any good books on repairing credit and credit cards?
I’ve got a buddy who swears the gov’t is out to get him. His credit is in the dumps, yada yada. Well, I want to show him some individual finance stuff and help him out. BUT, I also want to give him something to READ about acquiring credit, repairing credit … and that the gov’t isn’t truly out to get him. Silly, I know, but it is partly to support and partly for enjoyable. Ideas?
Best answer:
Answer by Megan R
Hmm… great question. If you want to know what the gov’t is up to on this subject, you want to discover about the credit reporting act. There’s info on the internet but it really is hard to find. I mean, gov’t net websites and stuff.
I discovered this web web site and book…
http://faircreditreportingactbook.com/
Sounds like it really is full particulars about what the gov’t officially desires us to know, but also some helpful hints and tips. No notion if it really is any great.
BTW, I like anything by David Ramsey. That dude knows personal finance!
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Tell your friend to keep paying off his debts. The fastest way to get out of debt is through what is called “Debt Stacking”. Debt Stacking is a simple concept that does not require hiring an outside service such as a debt consolidation or debt management service. It works like this:
Calculate the total amount of money you have each month to pay towards your debts – don’t add up all your payments. Make the minimum payments on all your debts. If you can afford to pay a little more then pay the extra towards your highest interest loan first. Once that loan is paid off, shift the money you were paying to the previous loan towards the next highest interest loan. Continue to shift the money that you were paying towards the now paid off loans towards your current outstanding debt. Each time you do this you accelerate your pay-off rate and you will be out of debt before you know it.
The resource below has a wealth of information regarding credit, debt, credit counseling, etc.
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