According to recent studies, a lot of indebted Ohio consumers don’t have debt repayment plans, but they should plan out their strategies.

According to many financial experts, consumer debt in Ohio and throughout the country is currently at a dangerous level. In fact, the latest statistics reveal that U.S. household debt is up $114 billion over last quarter, and totals around $12.84 billion. reports that four out of five consumers in Ohio and other states carries substantial debt. Also, many of these indebted consumers have no plan to escape the debt cycle. Unfortunately, this trend could lead to financial trouble and credit score ruin for Ohio consumers. Therefore, now is the time to get debt in check. Make a plan to pay down existing debt, and figure out a strategy to deal with new, unexpected debt. This way, you can protect both your finances and your credit score.

How Ohio Consumers Can Create Effective Debt Repayment Plans

Clearly, debt is a huge problem for many consumers in Ohio. This is bad because when consumers can barely keep up with minimum debt payments, it doesn’t take much to throw them off course. For example, one unexpected car repair or medical bill might cause indebted Ohio consumers to miss payments. Then, if they get significantly behind on bills, they could default on credit cards or loans and seriously damage their credit scores for years to come.

Yet, Ohio residents can save themselves from potential credit catastrophe by paying down balances right now. This require two things.

  • Reorganize your budget by eliminating unnecessary expenses. Use the money you save every month to pay down credit card balances. Also, make sure there’s at least a little cash left over to put into savings.
  • Pick a debt repayment strategy. Your can pay off your smallest balances first (the snowball method). Or, you can pay off the credit cards with the highest interest rates (the avalanche method). Either strategy can work well, but only if you stick to it.

Some Ohio consumers use debt consolidation in order to make payments more manageable. Those with good credit scores can take advantage of a 0% APR credit card offer. Then, they transfer balances over to the new credit card, and (ideally) pay off the debt before the introductory period ends. Another debt consolidation option involves taking out a loan to pay off credit card balances. Of course, no matter which debt repayment plan you choose, make sure that building an emergency fund is part of your overall strategy.

How Building an Emergency Fund Helps Ohio Consumers Deal with Unexpected Debt

Once existing debt is under control, it’s important for Ohio consumers to devise a plan to move forward. Obviously, after working so hard to get out of debt, you don’t want to find yourself under another mountain of debt a year down the road. Luckily, a little planning and preparation will prevent unexpected expenses from derailing your debt relief efforts.

First and foremost, all consumers in Ohio should work toward building an emergency fund. The best way to do this is by treating your savings as a necessary expense. Make room in your budget to set aside money every month. Then, when you get a sudden car repair or medical bill, you’ll have enough money to pay it, or at least reduce the debt to a manageable amount.

At the very least, Ohio consumers with emergency funds won’t have to let other bills go in order to take care of an unexpected expense. You can avoid a debt avalanche and protect your improving credit score by putting a little cash aside every paycheck, so it is important to consider your savings while planning your budget.

How Ohio Consumers Can Protect their Credit Scores by Regularly Checking their Credit Reports

Consumers in Ohio can improve their credit scores by paying down heavy debt. Next, protect your growing credit score by checking your credit reports. Unfortunately, creditors and the credit bureaus frequently make mistakes with consumer information. Then, these mistakes turn up as credit report errors that hurt credit scores.

However, under the Fair Credit Reporting Act (FCRA), all Ohio residents are entitled to accurate credit reports. This means that you can find and report mistakes on any of your credit reports, and get them removed. Also, the Fair and Accurate Credit Transactions Act (FACTA) permits you to a free copy of your credit report from each of the three major credit bureaus once every 12 months. Just go to to get credit reports from TransUnion, Equifax, and Experian.

If, while reviewing your credit reports, you find credit score damaging errors, contact the Law Offices of Gary D. Nitzkin. Our team of credit pros will handle the entire dispute process for you, so you don’t have to deal with the credit bureaus on your own. In addition, an experienced credit attorney will do whatever it takes to get you clean credit reports, and we offer these services to Ohio consumers for FREE.

The Free and Legal way to Get Better Credit in Ohio

Don’t let errors on your credit reports bring your credit score down. At the Law Offices of Gary D. Nitzkin, P.C., we’ve been cleaning up credit reports for consumers since 2008 for free. How do we do it? The law allows us to collect our fees and costs from the defendants in any successful action. This is why our clients pay nothing for the work we do.

Let’s start the conversation about what we can do for your credit. Set up your free consultation today by calling Attorney Gary Nitzkin at (216) 358-0591 or sending him a message through our contact page.

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