Managing finances is an extremely difficult task, especially when you have a bad credit history. It can be tough to get out of the messed-up state you’re in and to give your personal finances a fresh start. Something in the way you manage your money has not worked out as planned, or perhaps you have been negligent about your personal finances. Whatever it is, you are now bearing the brunt of your own credit crisis.
You are not an exception: many people in the UK have found themselves in the same boat. Many people in the UK have been under financial pressure since the recession took the world by storm. UK unemployment has risen to 2.52 million and even many of those in work are suffering stagnation in their salaries. This contrasts dramatically with the surging prices of everyday essentials, such as food, utilities and transport.
When it comes to recovering from the turbulent past, the most difficult task for people like you is to decide where to start and what to do. There are a lot of resources to guide you regarding the next steps. On the web alone you’ll find a wealth of organisations offering helpful information about the options available for people with bad credit in the UK. We have identified some really useful bad credit information resources for the UK market recently, including the Citizen Advice Bureau here, Money Saving Expert here, and Vanquis Bank here.
But just how effective are these resources?
There are some common financial tips for everyone, no matter whether you are a UK or US resident. These include tips on how to lower the balance on a credit card, whether having too many credit cards can damage your credit rating, steps to take to improve your credit score, plus much more. Within these resources, you’ll also find some UK-specific tips that take the precarious UK economic situation into account.
Bad credit is a common problem. Those trying hard to rebuild their credit score should check out the websites of the companies claiming to offer solutions for such financial troubles. Many of these sites will have dedicated FAQ sections, which are often a great place to start if you’re looking to understand the real facts about your financial problems. Reading these sets of questions and answers can help you get to the bottom of a subject that is often shrouded in misconceptions.
It is here that advice and information about recovering from poor credit proves invaluable. Myths about ‘credit blacklists’ and the impact others’ financial behaviour can have on your own credit rating abound. Only by understanding what does and does not affect your credit rating in the first place can you begin to work out the best route for you. As with more general resources, there are plenty of UK-based financial mythbusters online, for example here.