When people live in a free market economy like America, good and bad can result as a direct consequence of people's actions. Some people may mass large sums of money while others may become bankrupt.
Just because you made some bad choices in the past, if you are really serious about it, you can repair your credit after declaring bankruptcy. In fact you will save a lot of money over time in interest charges by improving your credit score.
It's probably best to not try for credit for awhile except maybe a secured credit card. The reason is because the credit score is low and there will be turndowns showing on the credit report. It will stay low as long as you continue to try to get new credit and get rejected. It is better to pay cash for needed things unless there is an emergency.
You can expect your credit score to rise gradually and get back to normal range within up to ten years. That is if you do not get into more debt trouble and take some steps to improve your score. It may feel unreasonably long, but unfortunately credit is important in today's society and we don't have a lot of control over how our scores are determined. And you can be thankful that your debt has been eliminated by bankruptcy, so you have a second chance you wouldn't otherwise have.
What to Do to Repair Your Credit After Bankruptcy
Now don't hit your computer screen, but now that you are starting over, it is a great time to get a realistic financial picture, and that includes making a budget. I know, it makes my eyes glaze over, but once I knew where my money was going, I could make my financial goals come true. Without it you will just drift and make no progress.
Secondly, be sure to pay yourself first. Put money aside so you cannot easily get to it. Then plan out your purchases. Sure, have a little cash for impulse buys, but if you stay disciplined, you can avoid most of them as you see your finances improve and you feel the sense of accomplishment and independence your are achieving.
If impulse buying is a problem, develop a way to stop this type of impulsive buying. One way to develop good spending habits is to wait a day and see if it's still something that's necessary to buy. Many times, just waiting a day changes impulsive spending. Credit repair after bankruptcy will help people to become stronger financially and less likely to fall into a new credit problem.
Realize that you are more than your purchases. This may sound sort of strange when discussing financial problems, but I think it works. Your deeper happiness and satisfaction has nothing to do with what you own. And even Imelda Marcos was not buried with the hundreds of pairs of shoes she owned. As you find activities that bring true lasting joy, I think you will find that it will not include buying things. You will be spending less, be free from the debt burden of the past, and be repairing your credit after your bankruptcy.
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