Getting out of debt can be a big relief. But it’s not just the short-term effects of debt that can have an impact on your finances. Because of the impact on your credit rating, debt problems can affect your finances further down the line too, which means getting back on your feet once you’ve paid your debts off in full isn’t always as simple as you may have hoped.

Many approaches to dealing with debt problems – from debt management plans to bankruptcy – will affect your credit rating, and records will generally show up on your credit file for between three and six years. This could mean you have problems getting access to certain financial services, such as opening a bank account, or taking out further credit.

However, there are things that can help. Let’s look at some of the basic steps you could take to help you get back on your feet after being in debt.

Continue reading Getting Back on Your Feet After Debt Problems →