How to Improve Your Financial Health

Thursday, January 20th

How to Improve Your Financial Health

The COVID-19 pandemic has had an unprecedented impact on the financial well-being of many Americans. According to Pew Research, more than half of all non-retired adults predict that the outbreak and its consequences will make it harder for them to reach their long-term financial goals - and that number jumps to over 60% for households that experienced wage or job loss since the beginning of the pandemic. People are worried about making ends meet, paying off debts that increased during quarantine, and even making tax payments on time. Fortunately, there are many services and products available that can help ease your financial health issues and get you back on solid ground again.

Debt Consolidation

This is one of the most popular ways of improving consumers' financial health. Instead of paying astronomical interest rates on multiple credit cards and high-interest loans, you can take advantage of debt consolidation services. This typically consists of a lower-interest loan that you use to pay off other debts in full, resulting in a more affordable monthly payment. Some providers of debt consolidation loans include credit counseling in their services, to help you avoid getting into financial trouble again in the future and to improve your credit history. Click here to see the best Debt Consolidation companies.

Tax Relief

This is a great option if you owe money to the IRS or to state/local tax authorities. You can work with a tax relief service, who negotiates on your behalf to lower the amount that you owe, set up a payment plan, or reduce your tax debt in other ways. If you've been stressing out over paying back taxes, mounting penalties and interest fees, or having your wages garnished, choosing a tax relief provider should definitely be on your to-do list. Click here for the best Tax Relief Companies.

Personal Loans

This type of loan is always a solid choice for almost any financial situation. These loans aren't tied to any purpose and can be used to pay off any outstanding bills or credit lines, take care of rent or mortgage payments, buy groceries, make tuition payments, or anything else you need. While interest rates on personal loans can be high, they're a better option than short-term payday loans and are less likely to leave you worse off financially. Click here for the best Personal Loan providers.

Credit Repair Services

These programs can be used in conjunction with debt consolidation, tax relief or personal loans or as a standalone product. If your credit score is low, due to missed payments, too many credit inquiries, or even resulting from identity fraud, credit repair is a must. These services work with you to get rid of negative factors in your credit history, boosting your score and making you a better candidate on rental applications, employment credit checks, and future loan or credit applications. Click here for the best Credit Repair companies.

Credit Monitoring

Monitoring your credit is useful for every American consumer, regardless of credit score or financial situation. Some services simply track your credit score with one or all of the three major credit bureaus (Equifax, TransUnion, Experian) and give you access to educational resources to stay on top of your credit history, while others take it a step further with real-time alerts if suspicious activity is detected and restoration services if you're the victim of identity theft. Because your credit score is such a critical part of being able to qualify for a mortgage or car loan, to get approved to rent an apartment, or, in some cases, to be considered for a job, you should use a credit monitoring service to protect your financial identity. Click here for the best Credit Monitoring companies.

There are a lot of options when it comes to improving and protecting your financial health, so it's important to do your research when selecting the companies you'll trust to help you. Be sure to choose providers with a positive reputation and a good track record of success, demonstrated by a long list of satisfied customers and preferably a strong rating from the Better Business Bureau as well. Good luck in your quest to get yourself into better financial health!