ADVICE:

Recipe For Financial Disaster

Ruining your credit can be done quite quickly and easily. Myvesta, a free financial counseling service, has released a publication called "Seven Easy, Surefire, Guaranteed Ways to Trash Your Credit" that highlights the most common ways to destroy your consumer credit rating:

failing to pay bills
paying bills late
taking out more credit than you can afford
going on spending binges
signing for someone else's loan or credit card
failing to check your credit report
creating a new credit file with no credit history

Paying bills on time is a must, but a Myvesta credit counselor observes, "People don't like to part with their money until the last possible minute when paying their bills. By the time they send the payment out, it's already late. Then, after the late fees start to rack up, people blame their creditors for the situation they are in."

Founded in 1994, Myvesta, a nonprofit organization that receives support from financial institutions, helps people improve their financial situations. Its services include a residential treatment program, support groups, crisis resolution, online bill management, bankruptcy alternatives, creditor problem resolution, debt management, and financial coaching.

Download "Seven Easy, Surefire, Guaranteed Ways to Trash Your Credit" or send $5 (for postage and handling) to Myvesta Trash Your Credit Publication, P.O. Box 8587, Gaithersburg, MD 20898-8587.

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This story was published on July 3, 2002.