Once you have filed bankruptcy, it would be beneficial to improve your spending habits so your credit can get better over time. However, you must approach your finances with a plan to reach your goals. At the Law Offices of John E. Mufson, we can help you create a debt plan in Delray Beach. While everyone’s plan is different considering their situation, most plans involve a variation of the following tips:
- After filing bankruptcy, you credit cards are frozen. Meaning, you don’t have access to spending more money than you possess. During this period, it is a great time to pay down credit card balances. The interest on your loans and credit cards are put on stop so you don’t have to worry about paying anything off but the principle.
- Create a realistic budget that you can follow. This can help you create healthy habits you can use later in life. When you set a budget with your money, you will save rather than overspend. Refraining from overspending can ensure you are in a better position with your money. Many people live check to check and struggle when unexpected expenses occur.
- Once you’ve saved accordingly and your credit cards are payed off, you can begin creating positive credit history. While you cannot build credit without using it, you must spend your money wisely and without risk. Simple tips such as spending less than 30% of your balance can improve your credit score.
If you are interested in beginning your debt plan in Delray Beach, call Mufson Law at (561) 272-1003. We can provide you with a free consultation regarding how we can help you with your debt. We are here to help you improve everyone’s situation.