The Debt Free Blog - Guide To A Debt Free Lifestyle » credit history http://thedebtfreeblog.com Thu, 22 Oct 2009 19:27:28 +0000 en hourly 1 http://wordpress.org/?v=3.0.1 Fed: consumers cut debt by record $21.6B in July http://thedebtfreeblog.com/127 http://thedebtfreeblog.com/127#comments Tue, 08 Sep 2009 20:39:13 +0000 admin http://thedebtfreeblog.com/?p=127 WASHINGTON – Consumers slashed their borrowing in July by the largest amount on record as job losses and uncertainty about the economic recovery prompted Americans to rein in their debt.
Economists expect consumers will continue to spend less, save more and trim debt to get household finances decimated by the recession into better shape. However, such action is a recipe for a lethargic revival, as consumer spending accounts for 70 percent of economic activity.
The Federal Reserve reported Tuesday that consumers ratcheted back their credit by a larger-than-anticipated $21.6 billion from June, the most on records dating to 1943. Economists expected credit to drop by $4 billion.
Wary consumers and hard-to-get credit both factor into the scaled-back borrowing. But economists are split on which force — lack of demand by consumers or lack of supply from banks — is having the bigger influence.
“It’s really a tug of war,” said Mark Williams, professor of finance and economics at Boston University and a former Fed bank examiner. “It’s true that consumers are being more responsible, saying ‘I don’t really need that extra credit card,’ but it is more related to banks clamping down on lending.”

Continue Reading Here

]]> http://thedebtfreeblog.com/127/feed 0 A Debt-Free Lifestyle After A Bad Past http://thedebtfreeblog.com/12 http://thedebtfreeblog.com/12#comments Thu, 15 Jan 2009 19:52:20 +0000 admin http://thedebtfreeblog.com/?p=12 Cutting Credit Card

Do you want to live a debt free lifestyle? Imagine how good this would make you feel. Of course, living debt free is not easy if you have had problems in the past or have yet to get on the right track. But with that in mind just because you have had issues in the past does not mean that you have to live scared and without money in the present.

If you ran into problems with debt in the past, but now want to live a better life, you should follow the tips below:

  1. Learn from past mistakes.
    Why did you get into trouble in the past? Did you use your credit cards too often? Did you avoid paying bills so you could have more fun? You can learn from whatever caused your problems in the past.
  2. Have a solid plan.
    If you are going to live a debt free lifestyle you need to have a plan for reaching this goal. You cannot simply say that you are going to rid of debt and keep your life this way. You need a plan that will ensure your success.
  3. Watch every move you make.
    If you don’t watch yourself closely you could fall into the same trap as the past. This means keeping an eye on your income, expenses, and where you are putting your savings.

The above three tips should help you to live a debt free lifestyle. Even if you have had your run-ins in the past it does not mean that you cannot live a better financial life today.

There are millions of Americans with a bad past when it comes to debt and debt management. If you are one of them you should learn from these mistakes, plan for the future, and watch yourself closely to ensure that you don’t mess up again.

]]> http://thedebtfreeblog.com/12/feed 7