It is possible to purchase a survival kit for all sorts of emergencies these days. If you happen to reside in a place such as Florida, you would most likely have purchased a “hurricane survival kit”. For those living in the states further north a winter survival kit that you store in your vehicle in case of snowstorms is more appropriate. So, we thought that it was about time that someone thought of a survival kit for all of those people who are finding themselves falling further and further behind in their payments, with their debt burden spiralling out of control. This kit, which we have aptly named the “Credit Repair Survival Kit” contains all the things you may need to beat any form of problem with your credit. Here’s what’s in it:

One elastic band - the purpose of which is to wrap around you wrist to ensure that you make those necessary payments on time. We all know the problems that can occur when we fall behind with our payments!

One length of string or twine - the length will vary according to your needs - to tie up all of the “loose ends” in your financial management. You must be more organized! Work out where all of the money is “leaking” from and start on a genuine repair program for your flagging credit.

One pen. This will make it easier for you to complete any letters of dispute or other necessary communication between yourself and your creditors. It is good advice to ensure that all communication between you and the credit providers and debt collection agencies be in written form- it is much easier to prove your actions if there is a “paper trail”. Be sure that you maintain a comprehensive record of all correspondence, both those that you receive and those that you have sent. Photocopies are ideal.

Patience- a bucket load! You must understand that this is not a problem that can be solved overnight. All of your efforts will start to make an impact, but it may take some months, even up to a year before you see an improvement in your credit rating. Stay focused and your efforts will pay off in the long run.

A great, possibly even warped, sense of humor is an essential. If you succumb to the temptation of allowing rage to take over, you will not win. Remain calm and focus on your goals, even when the credit provider is being particularly difficult - especially when they are being obstructive! Anger gets us nowhere - humor confuses our adversaries!

One length of rope- in the event that you reach the end of yours. You won’t need to teach yourself the technique of a noose knot just yet - anybody’s credit problems can be repaired, given time and effort - and it needn’t cost you anything!

Okay, so these are the “real” contents of your “Credit Repair Survival Kit”:

Make sure that you have copies of your credit report - there are three of these, they are free and available once a year. Any possible credit providers will definitely check the status of your credit rating before considering giving you credit. You must be aware of any problems so that you can take action to rid the report of them.

Useful information and resources - this will be of great assistance in your fight against “credit attack”. Web sites are good sources of information, but as with all sources, be wary of those companies that claim they can guarantee to fix your credit in 24 hours. This just cannot happen - you need the serious tools of the trade to be able to effectively deal with repairing debts and credit, not just a band aid.

“Good” credit. This is serious. In order to begin the repair work on your credit rating you must create at the minimum one good line of credit. Even if most lenders are shying away from you, you should think about obtaining a sub-prime merchandising card. It will be noted by the major credit bureaus that you have this card and in turn it will improve your credit rating.

The “Credit Repair Survival Kit” doesn’t exist at this point in time, so you will have to gather all of the abovementioned necessities on your own. Quickly relieving yourself of bad credit does not happen overnight. Rest assured that the efforts will be worth it!

What should you do if you need to repair your credit? Stop for a moment, think and listen. Should you find yourself in serious debt have a good long think about the situation and pay attention to whatever is happening on your credit report. This article will be analyzing both the good and bad things that are available to you, the debtor.

Firstly, we should examine the bad credit situation and then the choices you have regarding protection from both the creditors and collection agencies. The IRS are entitled to take your money if you are legally obliged to pay such things as child support, education fees and income tax. In other words, if you are in debt for one or more of these things, any tax refund you have may well be deducted to repay the debt. However, the IRS must tell you before doing so.

Missed payments on insurance policies may result in the loss of your property. You have some protection, depending upon the State, with regards to late payment on utilities eg heat cannot be cut during particular months of the year and most States must send a written notice to disconnect, giving you time to pay. You may be lucky to find an insurance company that has a “grace period” clause.

Whenever you can, remember to “stop, think and listen”. Sometimes, it may be possible to make part payments for a short time on certain accounts, provided you make prior arrangements with the company - this is considered better than making no payment at all and indicates that you are at least trying. Consider also that, even if a debt is “written off”, you may still be asked to pay the taxes and other expenses, especially if the creditor sends it to the IRS for review. You may even have to pay the bill in full at the end of the year if they so decide. The best way to avoid this happening is to communicate with the creditor from the first instance when you are experiencing difficulties and politely request an extension of time to pay.

It is a reality of the business world that most people who provide credit want their clients to be happy and to become return customers and they will most likely give you an extension in light of this. Having your creditors on your side will help prevent further problems.

Yet another, temporary, solution is to continue to make minimum payments on your overdue bills if at all possible until you are able to pay more. This means that the following payments will be bigger, but at least you will prevent your name from going to the credit bureau.

Avoid the situation where the creditor asks for payment immediately - this will add more costs to the debt you already have. When you have the money, pay the bill - don’t use services that charge you to send the bill. If the creditors will not allow you to make part payments or allow an extension, then it is probably time for you to seek the services of a debt counselor. They will do all they can on your behalf to fix the problem. Whilst it is tempting to have an argument or become abusive, it will not help your case any and may even cause you further grief. Don’t contact the creditors or collection agencies if you have an overdue bill or if you want to request for a credit report as this will just alert them to the fact that it hasn’t been paid and it will give them the chance to start a new debt.

There are millions of people that are threatened by collection agencies and creditors each day. To avoid this, or to get out of this situation as quickly as possible, remember, you must find a solution to effectively repair any bad credit. Before you act, “stop, think and listen”.

You can see the signs everywhere you look. The person next door has had to file for bankruptcy protection and the lovely family down the road has the bank threatening foreclosure and they will lose their home. Your brother-in-law isn’t able to obtain a decent APR interest rate on a loan for a new car despite of a remarkable credit card points he earned. But this doesn’t affect you because you don’t have any credit problems - or do you? This article identifies three signs that indicate you are in need of credit repair and suggests some workable solutions.

The First Sign - Your credit score. You are aware of the importance of these and that they are based on everything from the interest that you have to pay to your insurance premiums. Your credit rating is OK - it is 600 and that is a good number, isn’t it?

No, it isn’t - it is an obvious sign that you seriously need to look at credit repair. Scores under 720 require improvement. These scores are between 300 to a perfect 850. Experian, Equifax, and TransUnion, which are the three major credit bureaus, are responsible for the collection of information about you. They get this information from companies from whom you have been previously obtained credit and then write a report. This is where your credit score originates.A higher score indicates less risk to a potential creditor and subsequently increases your chances of a better interest rate.

The Second Sign - Your credit report contains negative comments due to delayed credit card payments. It’s been more than twelve months since your credit card payments were late and so you feel that your report must have improved. To check this, you obtain a copy of your credit report and those late payments are still included. Why is that?

Negative comments will remain on the report for up to 18 months, so you must make every effort to avoid late payments if you want to see an improvement. Remember that each negative comment reduces your score.

The Third Sign - You are finding it difficult obtaining a decent rate on your car loan. Picture this scenario: You have been successful in getting a new job on a higher salary than ever before, but it means a longer traveling time. Your old car just wouldn’t be capable, so you need a new car. You go to a car dealership and choose a new car and when you are about to sign for the car loan, you see that the repayments are higher than you have reckoned.This is because of your credit report. You are in a difficult position, because you need that new car for the new job. You have to sign the papers and deal with the higher repayments.

These are all strong indicators that your credit needs repairing. If you take the time and make the effort to improve your credit report it will benefit you in the long run.

Most credit repairs can be done by the individual, depending upon how good they are at handling money, their credit card and how bad the situation is. If it has gone beyond that point, however,there are companies that specialize in credit restoration who will work for a fee.

You should at all times be aware of the possible signs of credit problems and if they occur, act immediately so that you are able to maintain a higher credit rating and reap the benefits.

Though we have this image of families from yesteryear living in large Victorian-style houses, the truth is that homes across the developed world are getting larger on average than they’ve ever been. In Australia the average home size has increased nearly 40% in just the past two decades, to an average of approximately 2,450 square feet. The numbers are similar in the U.S, where the average home sits at around 2,343 square feet, a jump of over 50% in the last 35 years.

These rates are not so much a result of houses across the income barrier getting progressively larger, but main houses in the upper tier getting much larger. 3,000 square feet new homes are now considered on the smallish side, with 5,000 to 8,000 being the norm. Whereas old style large homes were all quite unique from each other, this new crop of large, mini mansions are now dubbed McMansions, for their cookie cutter design and assembly line style production, often being crammed together closer than these homes would’ve been in the past.

The average house now has four or more bedrooms, despite the average family size in developed countries dropping drastically in the past 50 years. These large homes inevitably also get filled with larger everything. Larger appliances, multiple heating and cooling systems, professional-grade stoves and fridges, larger sofas, etc are just the beginning.

It’s all about interior space with these houses, which is their main selling point. You may find yourself feeling claustrophobic after being in one of these behemoths and then returning to a smaller home. The ceilings tower and the rooms are massive, with large walk-in closets, tons of large windows, wide hallways, etc. If the human race evolves to the point where we’re all eight feet tall with massive wingspans, these homes will not need to be renovated to accommodate them one inch.

A home of this size will all but surely be the most expensive item you’ll ever purchase, and therefore needs a good deal of thought but into it beforehand. This begins with the neighbour, and not only the way the neighbourhood is now, but the way it’s expected to be in ten, twenty or more years when you’re looking for a consolidation or equity loan.

If you’re building a new custom home, you should certainly look into incorporating energy efficient designs into the home. Proper insulation, lighting, and heating and cooling systems will all play a major role in your utilities bill. You may also wish to give the house a more complete feel by having the brick or stucco facades that only face the front of most McMansions encircle your entire home. It’s small touches like these that make a home unique and valuable.

Freud would be aghast at our preoccupation and obsession with size, but it’s undeniable that we do love things bigger and more extravagant as we can get it, regardless of need or worth. This trend will surely continue in the years to come, at least until we eventually run out of land and are forced to cram into tiny apartments and sleep in containers like the Japanese.

No matter your income bracket or financial standing, it’s recommended that all of us have at least three months’ worth of living expenses stashed away in a bank account or other accessible method. This should also be considered separate from any retirement fund you may have, and not considered interchangeable. Just as this rainy day fund may prove important down the line, that retirement fund is going to be just as important.

The good news is that your rainy day fund will not sap you nearly enough as your retirement fund likely is, though the two together will probably cause some leaner months than you’re used to. Everyone though has expenses which can be cut out that may have a minimal impact on their lives and level of comfort while saving quite a bit of money. You may find that even after you’ve reached the point of having your rainy day fund saved up you might enjoy that extra money in your pocket each month for other uses than what it was you were spending it on.

The first matter of business is to calculate just how much money your rainy day fund should contain, based your monthly expenditures. This includes all bill payments, money for gas, groceries, and other household expenditures, and enough extra money on top of that that you feel you justifiably need to live each month. If you feel that when leaner times hit you could do away with some of those expenses at that point, then feel free to calculate your rainy day fund without some expenses.

Next is determining the amount of money you’ll need to save away each month, and over how long of a period. Depending on how frugal you’re willing to be should the need for the rainy day fund arise, you may find that you really don’t need to save up a whole lot of money. In that case you may be able to choose a shorter term plan in the 2-3 year range. If you choose to go longer term, you’re monthly payments could be minimal. This may be tempting, but remember that the need for this fund may arise before you’ve had the chance to save for it. Make the choice of length based on the highest amount of money you feel you can realistically set aside each month. You’ll be kicking yourself if you get laid off and can’t find a replacement source of income before your incomplete rainy day fund runs out, all because you wanted to eat more takeout each month when you should’ve been saving more.

Which leads us to the items you can cut out of your daily expenditures to more easily make these monthly payments. This is just good personal finance and budgeting. Take out or find dining is a big one, as are other things like going to the movies or other entertainment events. All of these can be easily substituted with other comparable options that will save you a lot of money. Rent a movie or watch one T.V instead and eat more home cooked dinners. If you buy your kid(s) a video game each month, considering renting them 5 games throughout the month instead. This will give them greater variety and could save you as much as $50 a month. Little things like that quickly add up and make it possible to reach those monthly payments easier than you may think.

Once your fund is stashed away don’t forget what it’s there for. Seeing that large sum of money in your account may tempt you to impulsively spend it on a vacation or big ticket item. Feel free to spend any interest it builds up as a small extra source of income, but leave the set amount alone. You may also want to re-examine your monthly expenditures every year or two to ensure your rainy day fund is still covering you for at least 3 months expenses based on your current lifestyle, and adjust the balance of your fund accordingly if necessary.

Credit card companies are in business to make money. Make no mistake about that. And if you are not smart about your credit card debt, you can end up making them 18 percent on their investment at about a $1,500 per year cost to you. Whether you enrich the credit card companies or save the money yourself is up to you.

And if you turn around and invest just the savings on your credit card interest, it can amount to a pretty nice little nest egg for the future.

If your card charges 18 percent interest, and you owe $5,000, your credit card company may want you to make a minimum payment of $150 a month. Even if you do not buy anything else, it will take nearly four years to pay off the $5,000, and you will end up paying $2,000 on top of it interest charges. That can turn into a huge chunk of money over the years.

By 2007, Americans carried an average of $6,600 of credit card debt, according to CardTrak.com. Millions of consumers regularly carry much more than that. And that’s just credit card debt, often the most expensive kind. Typically, the nominal interest rate on a home equity loan or mortgage is less than half that of credit card rates.

If all that debt represents a liability, it also represents enormous opportunity. Getting rid of credit card debt is the equivalent of earning an extra 18 percent. It makes sense to start reducing debt as soon as possible. Chase offers some of the most attractive balance transfer options.

The best way suggested is to select the card with the highest interest rate and reduce the principle on that card first. Other steps in a realistic plan to reduce credit card debt would include creating a cash flow budget, avoiding new debts and reducing spending overall.

Then, after you have reduced your debt down to levels that will allow you pay your monthly balance in full, do it. If you don’t carry a balance from month to month, you are essentially using the credit card company’s money as an interest-free loan.

Credit card companies want “revolvers”, people who carry a balance from month to month and, thus, pay interest every month. “Transactors”, as they are called, pay off their balance every month and card companies put up with them in hopes that they will eventually becoming revolvers.

By becoming a transactor, rather than a revolver, you can save, and even make, lots of money. If you save $1,500 a year in credit card interest, it can add up to $45,000 in interest savings over 30 years. If you invested $100 a month out of your interest savings in a mutual fund earning 9 percent, it could add up to roughly $184,000 in 30 years.

Whether you opt for the investment or just the savings, it is still quite a sum. Over a lifetime, a little common sense about credit card debt and a little simple math can pay great dividends.