Credit is a part of financial life that most Oklahoma residents know they need to maintain. However, many people have a difficult time maintaining good credit, and when their finances fall into disarray, they may worry that taking certain steps will only make their credit scores worse. While debt relief methods like bankruptcy may cause a credit score to decline, individuals can work to increase their scores later.

When thinking about credit and financial difficulties, it may be important to remember that individuals who are struggling may already have less-than-stellar credit scores. If they have been unable to keep up with their outstanding balances, their scores have likely suffered. As a result, people in this type of predicament may only see their scores decline modestly if they file for bankruptcy.

After completing the bankruptcy process, individuals can start working to rebuild their credit. Options like secured credit cards and secured loans can help consumers get in the habit of paying their bills on time without substantial risk. In fact, paying bills on time can be an important factor in rebuilding credit because payment history makes up approximately 35 percent of credit scores.

It is not unusual for individuals to put off filing for bankruptcy due to a perceived negative stigma surrounding this option. However, numerous individuals often find that following this debt relief avenue allows them to get back their financial freedom. Oklahoma residents interested in gaining more information on this option may want to consult with knowledgeable attorneys who could help them determine whether this route could suit their particular financial circumstances.