The start of a new year is also a great time to get a fresh start on your credit… in fact, once those Christmas bills start rolling in, many of us will be looking long and hard at all kinds of ways to cut expenses! Interest rate too high? Maybe it’s time for a different credit card with a low introductory rate! Too many open balances? Consolidate them into a personal loan! Want to pay off lots of small balances? Why not get a balance transfer card and combine all those little credit cards onto one credit card? Look for the one with the lowest interest rate, the best balance transfer terms, and the longest introductory period!
New Year’s is also a great time to do an overall review of your finances, too. Personally, I am beginning to gather the materials for my tax returns and I’m planning my budget for the new year, setting goals, studying where I can save money, etc., so this is the perfect time for me to do my annual review of my credit cards, credit lines, open balances, and so forth. It’s also the perfect time for me to decide if I need to transfer a balance, update a personal loan, or even refinance my house or car.
But what if your credit is not so good? What if you really need to work on your credit score? Well, the good news is, it’s also a great time to get a fresh start on your credit score! Let’s face it, most of us take a little hit on our credit score every December when we use those credit cards to do our Christmas shopping! So, most of us are looking to improve it after the holidays… Why not start working on yours right now?