Protect your Credit Score Following the Holidays

January 07, 2013

Debt and kinds of identity theftNow that we are in 2013 and the holidays are behind us, it is important to take a measure of how you did with keeping within budgets and staying away from debt. If you find that you went overboard on your holiday cheer with spending, there are important first-aid steps you should take to minimize debt and damage to your credit score.

This three-step first aid plan is part of the article, “

Paying Off Holiday Debt” on the Equifax Finance Blog:

1)      Stop spending – whether it is cutting down to essentials or making January a truly no-spend month, cutting out taking on additional debt will help make sure that the amount of financial damage is more easily fixable. It will also help make sure that you aren’t paying off last year’s holiday debt by the time this year’s holidays roll around.

2)      Survey the damage from holiday spending, and assess your entire debt. If you feel you need to see a whole picture version of your debt, pull your credit score to see what you are dealing with (this will also give you an idea if your holiday spending binge has exposed you to

kinds of identity theft). You need to understand what your spending patterns are for the next step.

3)      Create a budget to set money aside to pay off debt. You can cut down on expenses, beef up savings, and control your financial life better with a strong budget to help get out of debt in a controlled way by setting a budget and sticking to it.

The Equifax Finance Blog has a reserve of articles ready to help you pay off debt and live a better financial life, so be sure to check there for more tips. You can also follow them on twitter @EFXFinanceBlog for daily personal finance quick tips.

Categories: Economy, Education

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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