If you have a bad credit rating and are then declined for a credit card or loan its likely that by being declined, your credit rating will drop even further. This is a very vicious and frustrating circle to be in. And it can be very hard to know what to do for the best once you have come this far.
If you find yourself quickly sinking into more and more debt, the best thing to do is get good, accurate financial advice. You need to get a hold of your finances and fast before things get even worse. It may seem that things can’t get any worse but once you are in deep its surprising what outrageous interest rates you will be charged.
By getting the correct financial advice you may be pleasantly surprised that things will become better than first imagined. By biting the bullet and informing the credit companies of your financial situation it’s likely that they will be able to put a freeze on the amount you owe to stop it from increasingly getting worse. You may be able to agree to pay the outstanding amount but over a longer period that is more manageable for you.
Let’s face it, the credit companies will be happier knowing that you are going to pay the debt off even if in small amounts rather than not paying it at all. Credit companies, though sometimes scary, can also be reasonable. Help is available online in the form of debt management companies, and you can check your current credit score online too.