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Can technology help me recover from bankruptcy?

You are not alone. In 2017, over 40,000 Florida individuals filed for bankruptcy. Thankfully, filing for bankruptcy doesn’t mean that you can’t get your finances back on track.

According to study by LendingTree, an online loan broker, 65 percent of individuals have a credit score above 640 just two years after filing for bankruptcy. A great way to start on the path of recovery is to set a realistic budget and follow it. In 2018, you can do everything online, so why not manage and restore your finances?

Build credit

One of the fastest ways to recover from bankruptcy is to build your credit score. A good way to do this is to open a single credit card that can be fully paid off each month. You will need to charge some money to the card for your credit score to increase, but make sure not to charge too much. It may be wise to use that card solely for a single recurring monthly charge. For example, you would use the card only to purchase gas or link it to your phone bill.

In order to stay on top of your charges, it is convenient to download your bank’s app, if they have one. Most bank applications are secure, will let you look at your balance and even pay what you owe on the go.

Stay informed about your accounts

There are plenty of applications that are designed to help you monitor your finances. In this technologically savvy world, there are apps for budgeting, checking your credit score, and receiving financial advice. Many of these apps are even free to use. A few options include:

  • Mint links to your bank accounts to help you create a budget system as well as new financial goals
  • Credit Karma will show you your credit score for free
  • Albert can be used as a tool to ask questions you have about different financial situations

The road to recovery after filing for bankruptcy can be difficult, but it is certainly not impossible. Keeping a close eye on all your finances can help, and using technology to do it makes staying afloat easy.

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