The Next Person With Credit Problems Got Their First Credit Card Today!
One of the focus areas of my information is the absolute necessity of changing the way a person thinks about money and debt while in the process of repairing their credit. I have seen cases where a couple will work really hard for months, and finally get their credit report to the place they can borrow again and go out and buy something on credit just because they can. And I relate so strongly, because I was there at one time.
If in fact there are 40 - 70 million people with credit problems severe enough to prevent them from getting credit, that tells me there is a tremendous paradigm of debt in the United States. Think of it like this: 1 out of every 12 people you meet or know has experienced (or is experiencing) severe financial problems that they are very likely still dealing with.
As near as I can tell, this 40 - 70 million group of people stays fairly constant over time, sometimes increasing, sometimes decreasing, but it tells us a story. And as I was thinking about it, I realized some young person with this debt mentality got their first credit card today. And thinking back on how that felt, the potential of buying anything you want (up to $500) by just handing over your card is a real rush. But the fact remains: if the debt mentality isn't addressed, that young person has just became a part of that 40 - 70 million person pool 10 years from now. Kinda sobering, isn't it?
Rich Toops started http://www.mycleancreditreport.com and http://www.do-it-yourself-credit-repair.net to make the information available to people who wanted to get out of the credit/debt cycle. What became obvious is credit report repair only addresses the visible part of a deeper issue which is the way people THINK and FEEL about money and spending. If the thinking dosen't change, the next credit collapse and repair cycle is only a matter of time.
MORE RESOURCES:
 Reuters | Washington Mutual stock down on credit concerns Reuters - Citing the thrift's financial statements for the period ending June 30, Gimme Credit analyst Kathleen Shanley wrote that "many creditors have quietly been ... WaMu Drops Second Day as Gimme Credit Cites Liquidity Concern UPDATE: WaMu's Stock Down As Investor Confidence Drains WaMu spokesman: no need to rely on outside funding sources |
FCStone Group increases size of credit facilities Forbes, NY - AP 07.24.08, 3:55 PM ET FCStone Group Inc., a commodity risk management firm, said Thursday it has reached deals to increase the size of its credit ... FCStone increases credit lines Kansas City Business Journal FCStone Group, Inc. Announces Syndicated Margin Call Credit ... |
Cicero gas station reports attempt to disrupt credit card system Chicago Tribune, United States - An operator of a Cicero gas station called police Tuesday after finding that two men had climbed the roof of the business to cover up a credit card ... Rooftop gas theft scheme foiled |
 Wall Street Journal Blogs | Extra! Extra! Credit Concerns at New York Times! Wall Street Journal Blogs, NY - The NYT front page does not include a story about its credit default swaps. (nytimes.com) Shares of New York Times Co. are down 4%, but the newspaper ... Extra, Extra: New York Times (NYT) About To Get Downgraded To "Junk" |
Asian Stocks Fall on Credit Concern; National Australia Slumps Bloomberg - ``Investors are out there thinking everything's fine and another bank comes out and increases its provision for credit-related losses. ... |
Asian Stocks Fall Most in Six Weeks on Credit, Profit Concerns Bloomberg - ... fell the most in six weeks, snapping a four-day rally, after National Australia Bank Ltd. said credit losses may surge and Samsung Electronics Co. ... |
Credit cards Superprime slime Economist, UK - As the credit boom reached its peak, the firm’s credit-card business was growing by a dizzying 20% or more a year, with younger consumers with scant track ... |
Shaw's Credit Ratings Upgraded by Standard & Poor's Ratings Services MarketWatch - announced today that Standard & Poor's Ratings Services (S&P) has raised the company's credit ratings, including its corporate credit rating to BB+ from BB. ... |
Housing crisis spurs sharp jump in bankruptcies San Jose Mercury News, USA - Now, a growing number of filings are related to the housing crisis, say local judges, attorneys and credit counselors. In Santa Clara County, ... |
Peachtree Increases Credit Facility for Structured Settlement ... MarketWatch - BOYNTON BEACH, Fla., Jul 24, 2008 (BUSINESS WIRE) -- Peachtree is pleased to report that it has closed on the renewal and extension of a sizable credit ... |
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