Granted, there are a wide variety of different ways that you can ruin your credit over time, but do you want to know what the quickest and most dangerous ways are? Here are five ways that you can quickly and effectively destroy your credit.

Continued from Part 1

By taking so long to pay the debt off, you will be accruing enormous fees through interest and other circumstances, and by the end you may have paid double, triple or as much as ten times what the original debt was, simply for the chance to pay it off so slowly. Why even bother with this? If you do decide to pay your credit card balances off the way that you are supposed to, then you are going to pay at least double or triple the amount that is due every single month if you ever want to get control of your debt.

4 - Make poor decisions regarding balance transfers.

If you balance your transfer from a higher interest credit card to a credit card that has 0 percent interest, it may sound like an excellent idea but it may still force you to be driven into debt if you cannot refrain from making matters worse. While you are paying off the balance on this balance transfer, you may find yourself unable to resist making more purchases. If you carry the balance forward beyond the period of no interest, you will end up being subjected to higher interest rates in the end. If you want to get the most or best use out of balance transfer cards, you should never make any purchases with them, and you should make sure to pay your balance off in full before that attractive introductory period is over.

5 - Finally, to really ruin your credit quickly and easily, never check your credit report to see where you stand.

If you want to create and maintain a terrible reputation financially, then ignoring your credit report is an excellent way to go. There could be enormous mistakes on your credit report that are impacting your credit score and telling lenders and credit card companies to avoid you at all costs. If you would rather not pay heavily for these mistakes on your credit report, then it would be wise for you to request a free report through http://www.annualcreditreport.com. Keep an eye on your credit score from month to month, or subscribe to a credit monitoring service if you need assistance. Disputing credit report errors is a little complicated but well worth the effort if it saves you from hefty credit issues in the future.

A few small, bad decisions can lead to some serious debt related disasters in your life. Luckily, a few small, healthy decisions can bring you out of debt and can put you back in the world of good credit and good financial health.

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Originally posted 2009-04-09 05:54:20. Republished by Blog Post Promoter

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