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One of the most effective ways to improve your credit score is to ensure that you pay your bills on time, every time. Paying your debtors promptly shows lenders that you are a responsible lender and take your debts seriously.
You have to remember that if you have had problems making your payments on time in the past, this will show up in your credit history; however, a number of continuous on-time payments can assist in improving your credit score to help you get your financial health back on track.
Financial wealth is not achieved overnight; it takes time and discipline to build financial wellness and requires a set of clearly defined financial goals. Financial goals are personal milestones that you set for yourself throughout your life and can be classified as either short-term or long-term financial goals.
Short-term goals are those that financial milestones that you hope to accomplish in the next year or two; for example, completing your education or purchasing a vehicle.
Long-term goals may take more time to reach and usually take place in five years or more, such as the purchase of a home or planning for your children’s university education; or even planning for retirement.
Creating a set of specific short and long-term goals is an excellent way to keep you focused and motivated to stay on track and give you peace of mind.
It takes planning and discipline to achieve financial wealth; however, if you live by the simple rules of paying your bills on time; not spending more than you earn, and plan for the long-term; then you are well on your way to financial health.
If you do however find yourself in a situation where you are unable to meet your financial obligations; or have too many debts to manage; you could consider starting with a debt consolidation loan to help you combine all of your debts into one easy, simple monthly payment with a reduced interest rate.
Contact us should you wish to speak to a Bayport Financial Services consultant about a consolidation loan, or seek financial wellness advice.
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