Why Is Your Credit Important: Part Two

CONSUMER DEBT IS RAMPANT, DON'T BECOME A CREDIT CASUALTY

Brought to you by Kenneth Castro

In just the last few days it has been widely reported that household debt is skyrocketing as incomes are actually shrinking. A new report just released from the Federal Reserve shows that nearly half of all American households carry credit card balances. And not just token credit card debt, they're carrying BIG balances. The average debt amount carried by American households is a staggering $5,100, while the average household income is just over $43,000 a year. That means that 12% of their annual gross income is nothing but credit card debt. And it gets even worse: last month the savings rate for this country actually turned negative as people are spending more than they're making. Throw into that mix the fact that personal bankruptcies have become next to impossible and the monthly minimum payment on credit cards just doubled and you have a perfect storm for consumer debt to actually consume individuals and families.

It's time to take this bull by the horns and get a handle on consumer debt. Learning how to manage credit wisely and the best ways to pay your debts is really quite easy. The information is not locked away in some secret black box. Although that is what many consumers believe because they just don't get access to professional credit education, and they feel helpless because they don't know where to start. That is why I am here and that is what I intend to help you with, especially over the next 5 months.

LET'S START WITH THE MOST IMPORTANT FACTOR

In last month's newsletter I promised to dedicate the next 5 monthly newsletters to delivering you the in-depth information that makes up the 5 Factors that Make Up Your Credit Score.

When managing your credit, you may not realize that some factors matter more than others, or, like most consumers, you may not know that there are factors involved at all. Most of us think that if we pay our bills on time that we have a handle on our credit, but this is not the case. The credit scoring system breaks your credit report down...

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