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Managing Debt and Credit April 5, 2011

Posted by CredZoo - Tame Your Credit in New Credit Information, Tips For Good Credit.
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Credit was once defined as “Man’s Confidence in Man.” But in fact, the definition of credit today is more like “Man’s Confidence in Himself.” Using credit today means you have confidence in your future ability to pay that debt. Forty years ago, your parents may have paid cash for their homes and their cars, a largely unheard-of event today. If they borrowed money at all, chances are it was from a relative or friend, and not a financial institution.

Today, debt and instant credit are part of our everyday lives. The convenience of instant credit, however, has taken its toll. Many individuals use credit cards to spend more than they earn, and a few of these people actually build themselves a debt prison from which some never emerge. On the other hand, those who never use credit can be denied a loan or credit when they have a justifiable need or use for it. Using credit establishes a history of financial responsibility: Until you establish a credit history, your chances of qualifying for an important loan, such as a mortgage, are greatly reduced.

What is the balance between using credit wisely and staying out of overwhelming debt? Our next posts will look at the facts and some pros and cons. Stay tuned! Subscribe to our blog to read the upcoming topics including:

  1. Managing Debt and Credit
  2. Installment Debt
  3. Revolving Credit
  4. Using Credit Wisely
  5. Eliminating Credit Card Debt
  6. The Role of Debt
(Thanks To Yahoo Finance)
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