Bookmark These: Web resources for managing credit
By Reid Kanaley
http://www.JewishWorldReview.com | (MCT) We might have avoided some of the trouble of the recent financial meltdown if more of us had properly managed our personal credit. Here are sites that provide guidance on doing just that.
PAYING BACK: The how-to guides at Yahoo.com include this crash course in managing debt and credit. The main point, you may have guessed, is to keep from getting deep into debt by consistently using credit cards to spend more than you earn. The article explains the world of difference between installment debt and revolving credit, with additional warnings on the potential high cost of spreading repayment of revolving credit over years or decades.
IT ADDS UP: This site designed for teaching teenagers how to manage money offers "games" that many adults would benefit from playing in order to learn the steps to minding their credit and doing some responsible financial planning. The "Buying a Car" game, for example, has you picking a car with some careful consideration of needs and budget matters. A teaching guide also suggests making it real with use of the Kelly Blue Book and Consumer Reports Online sites.
FREE CREDIT REPORT: Yes, you are entitled to free credit reports annually from
READING THAT REPORT:
SIXTY-SECOND GUIDE: The Motley Fool site has posted this "60-second guide to managing your credit," though you'll have to be a faster reader than we are to make that deadline. The Fools recommend, in one seven-second message, that your total debts should not exceed 15 percent of your after-tax income. A good piece of advice here is to simply ask your lender for easier terms.
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