Starting over with your debt

[pmbguy]

Sorry I meant to say

[league_of_ordinary_men]

Sorry I meant to say

Oh getting frisky are we,haha

[ians]

Credit...now here is a sensitive topic, one of my biggest downfalls in business, not so much my person life.

Firstly, a cheque account managed correctly with an overdraft facility is a key factor in the financial world because the kind of credit which will involve the big money credit requests like a property od vehicle (your biggest loans)

Credit card with a small limit (well within your budget) is a good way to manage it, you have the facility and if managed correctly will also prove worthy.

Having a clothing account (with a limit within your budget) and managed properly is good for the smaller credit facilities like credit cards and other low budget credit facilities.

A wise man told me a long time ago..."save a little for a long time" advice that I have never lived by but seen the rewards with people who have.

Do you want a good credit, yes of course you do if you want t expand in your life, if not then stay away from it, the trick is managing it. At one stage in my life for around 8 years I had no debt and no credit facilities, best time of my life, stress free, I worked when I needed money and played when I had money, and boy did I play. Now I just work all the time and can never play because of all the little credit facilities which consume all my income. My life revolves around making enough to cover all the debt, home loans, vehicle HP, overdraft facilities and credit cards.

In 2014 I plan on changing a few things in my life, one of my goals will be to do what my wife has just finished this month. She is debt free, she set a target for December 2013 to be completely out of debt, her car is paid already paid up months ago, she no longer has an overdraft, credit card limit (paid up and reduced). So from January 2014 she only has to pay for living expenses and insurance. I have given her access to all my accounts and she will manage them from now on.

[league_of_ordinary_men]

Credit...now here is a sensitive topic, one of my biggest downfalls in business, not so much my person life.

Firstly, a cheque account managed correctly with an overdraft facility is a key factor in the financial world because the kind of credit which will involve the big money credit requests like a property od vehicle (your biggest loans)

Credit card with a small limit (well within your budget) is a good way to manage it, you have the facility and if managed correctly will also prove worthy.

Having a clothing account (with a limit within your budget) and managed properly is good for the smaller credit facilities like credit cards and other low budget credit facilities.

A wise man told me a long time ago..."save a little for a long time" advice that I have never lived by but seen the rewards with people who have.

Do you want a good credit, yes of course you do if you want t expand in your life, if not then stay away from it, the trick is managing it. At one stage in my life for around 8 years I had no debt and no credit facilities, best time of my life, stress free, I worked when I needed money and played when I had money, and boy did I play. Now I just work all the time and can never play because of all the little credit facilities which consume all my income. My life revolves around making enough to cover all the debt, home loans, vehicle HP, overdraft facilities and credit cards.

In 2014 I plan on changing a few things in my life, one of my goals will be to do what my wife has just finished this month. She is debt free, she set a target for December 2013 to be completely out of debt, her car is paid already paid up months ago, she no longer has an overdraft, credit card limit (paid up and reduced). So from January 2014 she only has to pay for living expenses and insurance. I have given her access to all my accounts and she will manage them from now on.

Good advise ians, thank you for jumping in. It still comes down to no one wants debt, but you can't get a car,house....etc basically because you don't have a credit record so you can't loan the money to buy any high value items even if you can afford it. So what I want to accomplish with this thread is to educate people who needs to get a good credit score when they can afford high value items but don't have any credit record, well not me but some of you guru's on the forum.

So basically if you have no credit score and had to get a loan for a high value item like a car or a house, what would be the best/fastest route to take to get a good enough credit score to be able to buy these types of item when you can afford to do so and the best way to manage your debt to get to your goal.

Good luck ians with your goal and I take my hate off to your wife for doing that its not easy for allot of people to do because they don't know how to manage there debt and stay in the endless loop on debt.