-- Start by knowing your FICO score, which is used by lenders to decide if you are financially able to repay a loan back given your credit history. FICO scores have become very powerful in the last few years. They determine not just your cost of borrowing, but your ability to get a loan, a job, a lease, even your insurance premiums. If your FICO score is limiting your financial options, you need to take aggressive steps to get it in the good credit zone. -- Create a debt payment plan; getting your balances down should be the overall goal. Cancelling accounts or transferring balances is not the best way to manage your debt. -- Read the fine print. It is important to read and know the terms on credit card, mortgage and car loan agreements. Creditors are required to provide this information and to notify you when there is a change in the terms, but often this notification is easily missed in the fine print.As the Consumer Advocate for CFP Board, I want you to remember not to borrow trouble. Managing your debt is every bit as important as managing your investments for your financial future. To view the new financial realities series, please visit http://www.cfp.net/learn/advocate.asp Eleanor on Twitter: http://twitter.com/EleanorBlayney Eleanor on FiLife: http://www.filife.com/user/eleanorblayney Eleanor on LifeTuner: http://www.lifetuner.org/users/eleanorblayney About CFP Board: The mission of Certified Financial Planner Board of Standards, Inc. is to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for personal financial planning. The Board of Directors, in furthering CFP Board's mission, acts on behalf of the public, CFP® certificants and other stakeholders. CFP Board owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements. CFP Board currently authorizes more than 60,000 individuals to use these marks in the United States. For more about CFP Board, visit www.CFP.net.
Contact Information: CONTACT: Chris Wloszczyna Director of Public Relations CFP Board P: 202-379-2252 E: cwloszczyna@CFPBoard.org Stacy Dimakakos Grayling P: 646-284-9417 E: stacy.dimakakos@us.grayling.com