FTC and American Finances

Recently, and when we say recently, over the last few years, there have been quite a few claims by different companies claiming that the government will help you reduce your debt. It is very important to note that this is not true and that the only way that you are able to get your debt reduced is if you hire a company  that will act on your behalf and try to get your debt reduced into an amount that will  lead into a debt settlement. This is why debt consolidation loans or bad credit have been quite popular over the last two years because when an American consumer is no longer able to pay their debts off, often times, rather than try to file bankruptcy they will go and see if they can get a loan.

It is in my opinion that the reason that America is far in debt is due to the fact that many advertisements have been targeted to American families that  make them dream of having a better life but, this often comes at the expense of having to charge a lot of money on to their credit cards. In the end, the American family into the suffering quite a bit because of the amount of money that has been charged as a unsecured loan. Ultimately, this can end up causing bankruptcy in the worst-case scenario as well is a bad credit report. And so, we are of the opinion that it is more important to avoid having multiple credit cards at the same time. Now, we do not feel there is anything wrong with having a credit card that is only used for cases of emergency situations, but other than that I do not feel that any American consumer will benefit from having multiple credit cards.

There is an exception, the exception is the fact that if you are trying to build up your credit then having multiple credit cards will serve the purpose of being  able to help you successfully build your credit rating by establishing and unsecured loan or credit is revolving. But revolving credit, we simply mean credit debt is not secured with the deposit. However, other than the situation, having credit cards can be dangerous. Although, you may have to do without for certain period time by paying cash for everything, in the end, it is are worth it because waking up in the morning to college debt is not only fun but is stressful.

Debt has been the culprit many ruined marriages as well as many emotional problems caused by stress. Stress can work on the body in ways that science has not even figured out. And so, it is so important to maintain your financial well-being and pay cash. I know that I have said that quite a bit in this post, but it bears repeating over and over.

The link below leads to Experian for those who are trying to build business credit

http://www.experian.com/small-business/build-business-credit.jsp

American Debt

Many American families have struggled with debt for quite some time. In fact, I feel that many of Americans have gotten into a lot of debt due to the amount of unemployment that is rampant in our country. And so, it is extremely important for any American family that would like to make sure that their financial well-being is in place is to make sure that they never take out more loans than what they feel that they can easily handle. Saying this, I feel that it is very important for every American family to have a credit card but this credit card should only be used in case of a dire emergency situation.

An emergency situation could simply be a a flat tire on the side the road or a time when you forget your cash are simply a time where you have the cash but it’s at home and it’s easy to charge your credit card. Now, the last situation may not qualify as an emergency light you can set rules for yourself to make sure that you do not borrow too much or results of one time so you do not get in debt to your credit card company. We also recommend that you make your payments on your credit cards at least in full every 60 days. This way you can give yourself a little leeway so you do not getting debt too fast.

A lot of American families have got in debt faster than what they thought was possible. This is because of the fact that credit card companies only want you to pay 2% of your minimum payment each and every month. Once you make your 2% each and every month, it can take you years to pay off, or rather pay down, a debt that you have accumulated. So, that 5000 are purchase that you may have made in total winner credit card over the period of one year could easily take anywhere from 7 to 8 years in order to pay this off.

On the bright side, a credit card is, and should be used as a tool in order to help you get a better credit rating. You can do this by getting a secured or unsecured card for my credit card company. Once you have either of these as long as you keep an open balance then you will invariably help yourself establish a lot of credit. It doesn’t have to be much, but as long as it is revolving each and every month then you will establish a lot of credit. I only recommend this for individuals who do not have credit at present. For those individuals who do not have credit, it may be a little difficult to get approved for any type of charge card such as a chase or even a Bank of America card. In order to offset your back credit I think it would be best for you to deposit lease $500 into a secured bank account at a company and then begin making different charges on that part. If you have $1000, it would be good to deposit that because it shows you that your credit line is at least that much. Again, this is completely up to you but this is just another way for you to be able to establish credit so you can take out loans in the future if you need them. Also, once you have yourself set up financially, and you have established a line a credit debt is positive. You can go out and buy a home or car was little effort. A really good credit score will be between 675 and 725. Although that is a low higher than what a lot of people have, you can easily get this credit rating if you make sure that your payments are made on time each and every month.

Remember, that is the key, to make sure that payments are made on time every month. You do not want to incur late fees, and you never want to have an outstanding balance go further than 30 days. Once a balance has gone further than 30 days then you will have a negative mark on your credit report. And this is the reason why many Americans have opted to try to get consolidation loans is because they have too many charge cards at different locations. For example, the average American may have anywhere from 3 to 5 different loans coming from different lenders. This causes a lot of confusion and a lot of the financial stress on someone’s life. And so, if this event you’re currently experiencing, you can visit the homepage of our site which will refer you to a company that we trust. One

Take a look at average consumer debt here: http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre19.shtm