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

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