Sorting out credit cards 'can help repair damage to credit report'
Credit card debt should be one of the first areas to tackle for Aussie consumers looking to repair a damaged credit rating, it has been claimed.
According to the Independent Weekly, those who wish to overcome the burden of a poor credit history should immediately formulate a plan to help pay off the balances of their credit cards.
Once this first step has been taken, people can then go about restoring their reputation by ensuring that their balances are kept in the black and making their payments on time, the website advised.
It added that secured credit cards can also be a good option to help build up positive information on a person’s credit report, as they use bank credit as collateral to ensure that payments are made on time.
However, those looking to select the right deal for them may wish to compare credit cards in order to land themselves a competitive deal.
This comes after Bernard Fehon of Tactical Solutions offered similar advice to consumers who are struggling to control their finances during the economic downturn.
Writing for the Penrith City Star, he advised that those with several credit cards should look to consolidate them into one single product, making payments easier to manage.
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