Credit Counseling Services | Divorce is ultimately one of the most life changing events of a person’s life. The toll it takes on everyday life can be dramatic to say the least, especially regarding debt and credit. Credit counseling services can assist with the negative impact that divorce has on the credit or financial status of a divorcee.
Changes will occur in almost any state of divorce, amicable or hostile. It is essential to take positive steps toward creating a sensible strategy for debt management. The primary objective is to be able to manage existing debt and reestablish or maintain a good credit report as a divorcee.
Here are a few things to address in the event of a divorce:
1. Loss of an Income
Following the divorce, there will likely be less income in the household. However, debts will still need to be paid. One party may be awarded alimony or child support, which means the other party must pay this out. It would be wise to seek additional income sources, such as a second job or starting a small business.
2. Shared Debt
Many couples have shared debt accrued during the marriage. Credit counseling services can advise on the best way to resolve the debt among both parties. This is essential in preserving a solid credit standing. If possible, settle these things prior to the divorce being finalized.
3. Credit Counseling
It is a good idea to obtain credit counseling after a divorce. There are many cases where one party had debt reflected on the report that the other party was not aware of but partially responsible for paying. Professionals at credit counseling services can help to retrieve the proper reports for review and help divorcees understand the impact that undisclosed accounts have on their credit status.
If you are a divorcee and would like to preserve or restore your credit, contact Credit Counseling Tampa Bay, Inc. for a consultation.