Do you have bad debt, unpaid credit cards, a bad credit report, well get use to it as it affects your credit score on your credit report for 6 years! Many people at sometime or another will experience financial difficulty at one time or another throughout their life. Credit card debt can often consume us, ruin marriages, increases stress and creates health problems. Being able to have credit is everything in today’s world. Whether you want to purchase a new car, get a mortgage or get a new credit card you need to have a good credit report or your wants won’t happen. My parents always warned me about credit cards at a young age to be responsible and I am doing the same with my kids. If you don’t keep your credit cards in good standing then you will have a low FICO score and a bad credit report for 6 years.

Is credit card debt affecting you? Many young people often get so excited getting their first credit card but fail to realize they need to pay this money back. The best thing one can do is make regular monthly payments on credit cards to keep their credit rating in good standing. What happens a lot of the time is a lot of young adults get wrapped up with too many credit cards and often are unable to pay all their monthly payments. This has happened to me when I was young and I speak from experience. Financial hardship can affect us all at one time or another.

When I was in my 20’s I use to be able to get what ever I wanted. If I applied for a credit card I got it, a bank loan, I got it, a new car, I got it. Whatever I wanted I was able to do it. Your credit score is what determines what risk you are for lenders. I know they use to increase my credit limit every few months sometimes by a $1000 – $2000.  My credit score was excellent as I was working two jobs, I had a good income and then it finally caught up to me. I felt overwhelmed with debt and had to get a consolidation loan. This helped me get back on track but often times some people don’t fix their financial problems quick enough and are left with unpaid debt, credit collection agencies calling everyday and it takes a toll on people. People need to deal with their bad credit card debt or it will haunt you for up to 6 years or more with a bad credit report.

Dealing with bad debt such as credit cards is your first step to getting your life back on track. Many people often ask, ” Is it true that any bad debt on my credit report is removed after 6 years?” The answer is, “Yes”. Any bad debt that is on your credit report will stay on there for 6 years. After 6 years it is then removed off your credit report. Any written off debt from the last day of activity is removed. The best thing to do is to try and pay off any debts you have. If you don’t it will take 6 years just to get them removed off credit report and then who knows how long it will take for your credit score to go back up. You will need to rebuild your credit in order to be able to do the many joys in life we want to do. For the people who don’t care about their credit you will someday when you go and try and get a mortgage for your growing family, a credit card or a new car only to be turned down. Your credit problems in the past will be your current credit problems today. The only good news for some people with poor credit is that after 6 years your bad debt is removed.

Have you ever had bad debts, credit card problems? How did you deal with a poor credit score and how did it make you feel? How many of you have had credit problems in the past?