If you are one of the unfortunate people who have had to declare bankruptcy in the past year or even within the past several months, you may feel depressed by the decision. You don’t need to feel as though your life is over and your future is damaged. You have many ways to recover from this set back. Keep things in perspective and realize what you can do that will improve your future credit options. You went bankrupt, now what (time to rebuild credit)?
Think about this time your life as a fresh start. Yes, you’ve been through some tough times but that doesn’t mean these tough times have to define your future. It is a great chance to start over and make better decisions for your life and your future. Regardless of the circumstances that forced you into bankruptcy, you can change how you do things from now on. Consider using cash for future purchases and staying away from high interest loans of any kind. A general rule of thumb is if you can’t afford it, you don’t need to buy it right then and there. Things like a used car, on sale appliances, second hand electronics, and even shopping at thrift shops for clothing and home furnishings can be a great way to save money every month. These are actions you can take to proactively avoid bankruptcy. You don’t need to be defined by the bankruptcy. You went bankrupt, now what (time to rebuild credit) should be the question you ask yourself before you make a hasty purchase.
It is important to think long and hard about future purchases. If you don’t need the item, don’t buy it. Do you always need the latest and greatest or can you make do with an older model? The feeling of bankruptcy probably left you feeling defeated and even embarrassed so cut your spending to avoid that feeling again. You went bankrupt, now what (time to rebuild credit) is not a question you want to haunt you for the rest of your life.