There are many ways to get ahead financially: attend seminars where you cut your credit cards with hundreds of others, join a financial assistance service to help you get a home equity loan or refinance your home, or you can transfer debt in one credit card to another credit card with a 0% introductory rate (which goes up to 12% six months later).

The reason these methods don’t work is because we don’t cut our spending at the same time we implement these strategies. Even if we make more money, unless we cut back, we will continue to spend more money than we have and run into debt. Manage yourself and your money. Money is like food; We don’t eat only when we’re hungry, and we certainly don’t spend only when we need something.

Beware: Debt forgiveness can hurt you. The company that forgives your debt can issue a 1099C, which means the forgiven amount is added to your taxable income.

When there is a will, there is another way:

Your credit score (also called a FICO or Beacon score) will affect the interest rate you can get. Credit scores range from 500 to 850. Where do you fall on the scale?

What’s in a number?

500 and under – you’re in serious trouble

650 to 680, you will probably have a hard time getting credit, and if you do, it will be at higher rates

700+–excellent score

How you got your credit score:

a) Payment history (35% of the score). Make payments on time or early.

b) Amounts owed (30% of the score)

c) Credit history (15% of the score). The longer you have credit, the higher your score will be.

d) New credit (10% of the score). New credit cards.

e) Type of credit you have in use. Mortgages, Bloomingdale’s, etc.

There are three reporting services that can give you your score: Equifax.com, Experian.com, and Transunion.com. At least once, do an experiment and ask for a report from all three. They will probably provide a supplementary report each year, per person. You will most likely find inconsistencies in the reports, such as missing or incorrect information.

Every time a credit report is run on you, your score goes down by two or three points. You still want to shop around for a mortgage, but consider using a mortgage broker who runs a report to compare the loan. If you go to five different banks, that can lower your score by 15 points.