Over the last several months I have received several inquiries about our credit repair program at United Credit Education Services. My feeling is that a lot of people are starting to feel the effects of the credit crunch that is going on due to the collapse of the sub prime market (less then perfect credit) place.
Over the next 2 to 3 years (or longer) there is going to be a continued tightening of credit. Now there is talk about the credit card industry as being the next victim of massive losses due to credit being issued to people with questionable credit.
In both cases, the sub prime mark and the credit card industry are finally getting what they deserve (my opinion). For years now these industries have continued to market to people with questionable credit, charge high interest rates and watch there profits sore. Some people think that the responsibility lies on the consumers, I believe at some level they are responsible but with the massive marketing machines both this industries have how can really blame the consumer?
We have been bombarded with advertisements to a point of ridiculousness with offers of credit that are almost too hard to ignore, especially if you are struggling to make ends meet. The problem is that these same companies have no interest in educating the public on the adverse effects of compounding interest (when you owe it) or teaching simple debt elimination strategies to help consumers be responsible borrowers. All they are interested in is making a profit. Doesn’t it make since that if you teach a consumer to be a better borrower by educating them you minimize the chance of them going into default?
If you are facing the prospect of or have already run into issues with paying back your credit card companies there are solutions available to help you. Unfortunately this is a hard lesson to learn, there will be negative impact on your credit but it doesn’t mean that your life is over. It will take some healing time for your credit to be good again. It is important long term for your credit to be good because having a mortgage or credit cards is a fact of life. It is not a bad thing its just that we all need to learn how to manage our credit that we have and not buy into all the hype that the mortgage industry or credit card companies dump on us everyday through advertisement.
Even people that think they are doing a good job managing there credit and finance can learn a thing or to. One example is mortgage acceleration. Why would you pay a 30 year mortgage in 30 years when you could pay it off in 8 to 12 years and save literally hundreds of thousands of dollars in interest with the same monthly payment? Because that’s what the banks want us to do so they can maximize there profit from the interest they charge, wrong answer! Mortgage acceleration has been around for many years now but for some reason has been a well kept secret from most consumers (in the US).
Bottom line is that it is times to smarten up and take advantage of the available resources to educate ourself’s and in some cases get a fresh start and make sure that you don’t make the same mistakes twice.
Mark Bustamonte
Tri-Star Consulting Group
Owner
866-840-2240 Toll Free
mark@tristarconsultinggroup.com
http://www.tristarconsultinggroup.com
http://www.fixmycreditanddebt.com
Key Words:credit,debt, mortgage acceleration,sub prime, credit card debt,
