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New Year's resolutions and consumer debt, P.1

The New Year is often looked at as a time for a fresh start. Many people use the holiday and create resolutions to improve their lifestyles. However, for many Ohio residents, the New Year can also bring a new load of credit card bills after the holiday season. In many cases, holiday spending can also come with high interest rates.

Some commentators and financial advisors suggest that consumers use the New Year as a time to seek to get their financial house in order. One suggestion to get the ball rolling is to check credit reports to ensure that the reports have true and accurate information.

The rules surrounding credit reporting do not allow consumers to challenge accurate information, but consumers who check their credit may find false, inaccurate and outdated information that should not be contained in a credit report. A Cincinnati credit restoration lawyer can assist Ohio consumers with dealing with the credit reporting agencies.

Most consumers know that a high credit score can help people seeking credit in finding lower interest rates. Keeping a handle on what is contained in credit reports can help consumers in avoiding surprises when seeking loans. Knowing a credit report inside and out may be a difficult task, but having no knowledge about what may be recorded in the reports can lead to difficult credit issues.

Restoring credit is generally possible. But consumers need to know that fixing bad credit can have many different moving parts. Accurate information in a report may hurt overall credit, and a consumer may have to look to make changes over time to improve credit.

In the next post, this blog will continue the discussion of ideas to get a handle over debt in the New Year.

Source:, "Five Tips For Managing Credit Card Debt In 2013," Lynn Henderson, Dec. 18, 2012

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