While the BP oil leak was capped months ago, many problems still linger, and it will take a while to fully clean up and restore the area. This lingering problem reminds me of credit. It takes hard work and discipline to build and maintain a good credit rating. But what happens when we have an emergency or don’t quite understand how credit works and find ourselves with bad credit, debt collection notices or even bankruptcy? Once these things happen, they tarnish your reputation, and not just briefly. They stay for a long time, making it hard to clean up.
If we aren’t cognizant of the long-term effects of negative actions on our credit, we may find ourselves mopping up the damage for much longer than we expected.
To get tips on how to prevent mopping up your debt-related mistakes, read on for my top 10 favorite personal finance blog posts from the past week.