New Year's resolutions generally remain intact within the first couple of weeks into a new year only to fall apart later. If you are one of the many New Yorkers who vowed to blast through credit card bills, rebuild your credit and live an overall healthier fiscal life, there are steps to take rather than just letting another resolution go to waste.

There is no better time to rebuild a credit score than now. A recent study conducted by the credit information web site, Quizzle, said that in the last two years, it has seen credit scores slide by up to 30 points. A credit score is vital in accessing important financial resources, like loans. The average credit score is 657, and anything lower than 600 puts a consumer at risk of not receiving a loan. Credit scores over 700 generally put consumers in line for lower interest rates.

Many individuals borrowed against their homes in the past to access money in order to help stay afloat among a sea of debt. With home values on the downswing, consumers need to think out of the box when it comes to eliminating debt and rebuilding their credit score.

Here are a few things you can do to help the process:

  • Obtain a free credit report to assess your loans, debts and liens. Choose to receive these regularly to serve as a gauge of your progress.
  • Pay down on credit card debt. This debt carries some of the highest interest rates, thus, it is wise to eliminate it as soon as possible. Achieve this by devoting any extra money to paying it off.
  • Use cash to avoid racking up additional debt on individual cards. Using cash also puts you more in tune with how much you are spending.
  • Do not close your credit cards. Closing on a card will ding your credit score, especially if that card has been open for a long time or has a large credit limit.
  • Attempt to strike a deal with debt collection agencies to pay only what you can to settle the debt.

Needless to say, for many, these options may not be feasible when looking at the big financial picture of the household. In cases where the necessary income to meet financial obligations isn't where it needs to be, bankruptcy may be the right choice. Filing bankruptcy is one way to start over financially and give individuals a fresh start on the road to a healthy credit rating.

Source: Green Bay Press Gazette, "Rebuild credit score in new year," Susan Tompor, Jan. 7, 2012