Financial Success in a Down Economy How You Can Improve Your Credit Score Here ph
Financial success in a down economy is a concept that seems out of reach to many. For a country that is struggling to right the ship and improve itself after a deep recession, the outlook looks bleak and dismal. However, the country is not what needs to be the focus for the average person. In order to achieve financial success in any economy, individuals need to look out for themselves first and foremost. It is much easier than previously thought to be financially independent and prosperous; all it takes is a little hard work and dedication. There are two main factors involved in this process, where a person banks and their level of debt. Banking Individuals need to research all the factors of a bank, including what they offer, what they charge, etc., before committing to them. Just as in dating, a person wouldn’t continue to date someone based solely off of one factor, the person needs to have the whole package for the endeavor to be worthwhile. In terms of banking, the person needs to bank with whichever institution offers the whole package to them personally. For the most part, people continue to bank with the large banks due to the sheer volume and convenience of them. The large banks, however, are a main reason for the financial crisis in previous years. Today, credit unions offer the same services as the larger banks, with exceptional service, and far greater rates. Credit unions are run by the employees themselves and financed by the customer, ensuring customer service geared towards the most important individual – the customer. Credit unions offer the same services as the large banks but are able to offer far better rates on loans and less fees because they are individually run, and do not have to lookout for the entire business as a whole, just the specific branch. Debt Another main reason for the country’s financial crisis is the use of credit to make purchases. Individuals aren’t the only ones buying and selling on credit, the government leading by example has done the same in recent years, ballooning the national debt to proportions never seen before. In order to overcome this and be financially stable, individuals need to get out from under their debt and change their mindset of purchasing on credit. All Americans worry about their credit score when they don’t need to. This is because the rates offered to people, whether for a loan or applying for a credit card, are based on credit scores. However, if a person were to be financial independent without debt and able to purchase items upfront, as they should, then their credit score is worthless and it doesn’t matter what they have. To live in this manner takes dedication and hard work, but the financial independence that follows is far more satisfying than living under a roof owned by someone else, generally the bank.
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