Archive for April, 2011

Sign of the Times: Economic Decline

Posted on April 26, 2011 by Saldutti

The United States is in the middle of a devastating long-term economic decline and it is getting really hard to deny it.  Until we understand exactly how bad our problems are we will never be willing to accept the solutions.  The truth is that our leaders have absolutely wrecked the greatest economic machine that the world has ever seen. Most Americans just assume that we will always experience overwhelming prosperity, but that is not anywhere close to the truth.  We are not guaranteed anything.  Our manufacturing base has been gutted, the number of jobs is declining, more Americans are dependent…

2 Out of 3 Americans Stressed About Finances

Posted on April 19, 2011 by Saldutti

As the stock market, unemployment rates, and gas prices continue to bounce up and down, many Americans say they find themselves stressed out about their personal finances. During National Financial Literacy Month this April, TransUnion is continuing to educate consumers on the basics needed to help reduce the stress of managing their finances and credit. According to a recent Zogby International survey commissioned by TransUnion, two-thirds of adults (65%) say they are either always (21%) or sometimes (44%) stressed by money and finances, while a third (34%) say they are rarely (28%) or are never (6%) stressed by it. “With…

Study Finds Consumers Pay Credit Cards Before Mortgages

Posted on April 12, 2011 by Saldutti

TransUnion released a study that reveals the divergence in payment patterns – where consumers are increasingly apt to pay their credit cards before their mortgages – has now occurred for three straight years. However, for the first time since the deviation began, the percentage of consumers who are current on their credit cards and at least 30 days delinquent on their mortgage payments has declined. “The latest data from our study show that the new payment hierarchy has persisted for longer than many industry experts initially believed, and provides evidence that consumers continue to adjust their payment behavior in response…

The Dangers of Avoiding Credit

Posted on April 05, 2011 by Saldutti

One of the great weaknesses of our credit reporting system: In order to borrow money, you have to have already borrowed money. That’s the only way you can demonstrate that you are “credit-worthy,” as the credit reporting bureaus put it. Here are two truths and four myths about credit reports, according to Rod Griffin, public education director for Experian:  Truth: Having little experience with credit can make it hard to take on a mortgage. The first thing lenders look for when assessing whether or not they want to give someone a mortgage is their credit history, says Griffin. That means…