When it comes to your credit score, there is no wisdom at all in sticking your head in the sand.
If you score is low, then repairing your credit record is vital to ensure a better financial future for you and your family.
Ignoring a low score can only result in worsening your chances of getting a loan or credit card in the future.
Finding a solution is not as difficult as you might think.
Often a credit repair service is used to negotiate a better rating, particularly if the original rating is based on old or irrelevant information.
However a more straight forward method is to seek a loan with which to consolidate debts and reduce the overall monthly repayment sums.
There is a down side to this option however, as the fact that a person with a low credit score is seeking the loan will ensure a higher rate of interest will be applied.
The reason for this is that he or she would be viewed as a higher-risk applicant.
Of course, the application could be turned down in any case.
One option to ensure a better deal - or even successful application - is that a particular asset be offered as collateral.
The risk for the lender therefore decreases considerably, while the risk for you is that the asset could be lost if you default on a repayment.
This could be your car or your house or an heirloom of great value.
So be prepared to make the sacrifice.
A consolidation loan is not always the best option as there are interest charges added onto the principal sum and it may take some time to pay the loan off.
This is true but it can sometimes be the best course of action to take, particularly if the lengthy process of repairing low credit scores through an agency is only going to leave you wondering for months on end.
Getting a loan and being seen to actively address your credit score can improve your score over time, while debts continue to be paid off more effectively.