We’ve covered the list of credit resolutions to keep on your list in 2014, but what about the resolutions you shouldn’t keep? Read on as you create your own list. Our perspective will help you see these statements in a new light.
1. “I will learn how to (insert extreme hobby here).”
Adopting a hobby is a great way to ring in the New Year, but a daredevil initiative could carry financial risks. Taking up skydiving, base jumping or a dangerous sport could raise your health insurance premiums, not to mention leading to injury and costly medical bills. We don’t mean to sound like your mother, but be careful with yourself (and your bank account).
2. “I will get out of debt at any cost.”
Debt reduction should definitely be a goal in 2014, but don’t let your ambition lead to poor decisions. Emptying your savings or retirement accounts will only result in future problems, increasing your debt and causing credit repair damage. Learn how to safely reduce your debt in the coming year. Make deliberate changes, one step at a time.
3. “I will take more financial risks.”
Don’t take risks for the simple sake of adventure. If you are convinced that a get-rich-quick scheme is around the corner, ask a certified financial planner to review your investment ideas before putting them into action. Don’t allow risk to eclipse your rewards.
4. “I will change who I am.”
The desire for self-improvement is admirable, but let’s be honest: few have the willpower to actually achieve it overnight. If your goals include saving and changing your spendthrift ways, employ safeguards to help you achieve them. Utilize direct deposit or automatic bill-pay rather than relying on your own tendencies. Change takes time—don’t leave your finances to chance.
5. “I will stop using credit.”
When the need for credit repair is dire, it’s easy to label all credit as “evil” and give it up for good. Not so fast, though. Repairing credit means using it in the right way, and inactive accounts can actually lead for further score damage. Learn the basics by browsing our blog and speaking with our qualified staff for advice. Don’t allow past mistakes to prevent you from using (and enjoying) good credit.