by Ciare Dunn

Credit is the trust that allows one party to provide

resources for another party and the second party does not have to

reimburse the first party immediately.

Credit Cards

Installment Loans

Mortgage Loans

Merchant Charge Cards

Your credit report is a record of all your credit activities. It lists any account, their balances, and how

regularly do you make your payments. The three major credit reporting agencies are Equifax,

TransUnion, and Experian.

There are 1.2 billion credit cards in the United States.

The average U.S. consumer is about $14,500 in debt.

About 40% of all American families spend more than they make each year.

The typical American family spends about $1,560 annually in credit card interest.

There are a couple of ways to get your credit back on track:

Try talking to a financial advisor to help you figure out how to reduce your debt and start saving money.

Debt consolidation-taking out one loan to pay off a bunch of other loans.

Bankruptcy- federal court procedure that helps consumers and businesses get rid of their debts and repay their creditors

Caher, James P., and John M. Caher. Debt Free! New York: Waner Books, 2006. Print.

Gerson, Emily Starbuck, and Ben Woolsey. “The History of Credit Cards.” Creditcards.com 11 May 2009. Web. 1 March 2011. <http://www.creditcards.com/credit-card-news/credit-cards-history-1264.php>

Moe, Harold. Make Your Paycheck Last. New Jersey: The Career Press, 1993. Print.

Simon, Jeremy M. Simon. “Credit Card Interest Rates Fall from Record Highs.” Creditcards.com. 17 November 2010. Web. 1 March 2011. http://www.creditcards.com/credit-card-news/interest-rate-report-111710-1276.php

Ulrich, Carmen. Generation Debt. New York: Warner Books, 2006. Pr

THE END

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