If you are going through an addiction recovery process, there are many things you need to put in order if you wish to regain your place in society. One of the most important matters you have to address is your financial security. In case you damaged your creditworthiness during your addiction, you will have to work hard for its restoration. Fortunately, most addiction recovery programs offer financial advice to help you get back on your feet. To maintain sober living in Los Angeles, you need to find a job. Once you start earning some money, you can start the long road to restoring your creditworthiness.
Here are some tips to help you rebuild your credit
1. Get a credit report
The first step towards restoring your credit is to get a credit report. Once you have the report, it will give you an idea of how much you owe and who you have to pay. The report will also help you identify any errors and take the necessary steps to dispute them.
2. Negotiate with your creditors
As long as you admit that you owe money, and you are willing to repay, any creditor will give you a listening ear. Depending on the amount you owe, you can ask them to spread the repayment over a longer period.
3. Pay bills on time
Although you will be repaying your previous debts after going through addiction recovery, you must pay your current bills on time. If you continue paying your bills without delay, your credit score will gradually improve.
4. Get a credit card
Although credit card charges may be expensive, it may be beneficial to get one. You ought to know your card limits and pay on time. After some time, it will become apparent that you are financially responsible and will reflect positively on your score.
5. Create a financial plan
If you have too many payments to make, you may be overwhelmed, leading to more problems. The best course of action is to work on a practical financial plan and stick to it. Part of the strategy should be how to repay your debts. However, you ought to leave some money for your monthly expenses.
If you follow the above tips, you will improve your credit score in due course. Also, you will manage your recovery addiction process better, since your life will be more organized.