US Credit Downgrade Reinforces Need for Personal Credit Repair
Posted on August 24, 2011
The debt of the United States is growing by leaps and bounds and as a result, Standard & Poor has downgraded the nation’s credit rating. While the effects of the lowered credit score of the country have yet to be fully determined, it is safe to say that the excess spending in Washington reinforces the need for consumers to get a handle on personal credit scores.
Consumers are still spending too much and not paying off debts in a timely manner. Those who are in need of financing in the immediate future need to consider credit repair efforts before applying for a loans or new lines of credit. With the nation’s debt crisis affecting many things, interest rates being offered on loans and credit cards will likely rise
Those who already have bad credit scores need to step up and do the work to increase their consumer credit score. More industries are using credit scores to make determinations that are not necessarily financial. Insurance companies, landlords, and perspective employers are all relying on consumer credit scores before making decisions or establishing pricing.
As the US government continues to work through the overspending of recent years, consumers need to recognize the importance of repairing credit scores and eliminating debt as fast as possible. Even if the government has not been able to stay within budget, consumers are even more hard-pressed to get their personal credit score and budgeting system on track.
Personal finance experts and politicians have been pushing for more frugality in governmental spending. By letting the government’s fiscal disasters serve as an example of what not to do as an American consumer, personal finance, budgeting, and credit repair should be a priority among consumers.
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