Entrepreneurs no matter who you are, what type of business you’re in, or how long you’ve been around – we all at one time or another have visited the “land of credit”. It is vital to the reputation of your business that we learn some tips about credit and how to not let it ruin us. It’s asmart move, especially in today’s political and business climate, when credit laws are changing at what seems like minutes and not months.
“Old-school” business mentors have fostered the idea that a man’s word was his bond, but in today’s business world the majority of people are always assuming – and assuming the worst. Creditors, debtors or anyone that base their theories on assumptions are headed for failure, and yet it’s done everyday. When people fail to pay their bills on time, many creditors assume the debtor doesn’t have the means to pay the debt. These creditors will often set up an arrangement or lower the amount so that you can repay the debt. This is a step to credit repair, however it takes you to contact the creditor and apprise him or her of your situation.
Staying in contact with your payments each month can help you avoid bad credit and getting into such a situation. If you have several bills on hand and all the bills are pressing, it makes sense to pay off the debt that benefits you the most. After this is paid then you can set aside an amount toward the next debt. Once you follow this strategy it allows you to work your bills down gradually thus repairing your credit standing.
If you don’t have the funds to pay the entire bill, at least pay the minimum amount due so that you can continue using the service. Many debtors assume they are in debt and there’s nothing that they can do to resolve their problems, and this is the process of giving up on life. Entrepreneurs when we give up, it leads to stress and the answer is often right in front of our nose. Creditors are business people too, and if approached properly will usually try to work with you.
Of course making the wise decision ahead of the game is the ultimate solution to maintaining good credit. If you research the marketplace before coming to a purchasing decision, you’re well on your way to avoiding bad credit and credit repair hassles.
Much Success
