CROSE: This year, get out of debt, North Okaloosa

"If you have several outstanding credit cards, take the one with the highest interest rate and work on paying that one off by making larger payments than the minimum," Janice Lynn Crose says. "But don't neglect your other debts."

Many people don't think of creditworthiness until they need a new car, a house or want to refinance something.

Then they realize its importance.

Anyone who works for the military must have a secret — or better — security clearance, and a credit check is part of the basic background check.

What many people don't realize is that securing many non-military jobs depends on your credit score. Many employers perform background checks, including a credit report; and you may be turned down for a job because of your score.

Auto and homeowners insurance companies run credit checks and determine premiums based on your credit score.  When I asked my agent about this, I learned that an insurance industry's research ties a credit score to how many claims you may make.

Since this score is so important, and it's a new year, why not work on lowering debt and earning good credit in 2016?

If you have outstanding debts, pay everything on time, even if you can only send in the minimum, as being late counts against you. 

If you have several outstanding credit cards, take the one with the highest interest rate and work on paying that one off by making larger payments than the minimum. But don't neglect your other debts.

An easy way to save some money is to quit buying morning coffee drinks, and bring a lunch to work. It is amazing how quickly just coffee and lunch costs add up. You could easily save $50 or more per week.

Think how good it would feel to send in an extra $200 toward your largest debt each month — and how quickly that extra money will pay off the debt and reduce interest charges. 

You will be amazed at how good it feels to be debt free.

My husband, Jim, and I will deliberately save more, spend less and get out of debt.

Would you like to join us?

Janice Lynn Crose, a retired accountant, lives in Crestview with her husband, Jim; her two rescue collies, Shane and Jasmine; and two cats, Kathryn and Prince Valiant.

This article originally appeared on Crestview News Bulletin: CROSE: This year, get out of debt, North Okaloosa