How to Save the Economy Through Credit Education
Want a simple plan to learn how to save the economy? Try increasing your credit score, and teaching your family to do the same.
Just look at the cold, hard facts:
- At least 100 million people have credit scores that fall below 720.
- If your score falls below 720, you pay higher interest rates on car loans, your mortgage, and credit cards. Even your insurance premiums might be higher.
- Without good credit, you might even be turned down for a job. After all, 60 percent of employers run credit checks at least some of the time.
- Over the course of a traditional 30-year loan, a person with good credit saves $212,040 in interest. This is $589 a month.
- Now add in interest on car loans and credit cards, as well as the cost of insurance premiums. You could easily be paying $600 or $700 extra each month in interest alone.
If 100,000 households could save $300 a month—a conservative amount—they could pump an extra $360 billion a year back into the economy! After all, these households would have an additional $3,600 in disposable income.
Want to learn how to save the economy? Learn how to build credit.
Want to help your family learn how to save the economy? Teach your children all about their credit card score, and how credit cards and credit scores are inextricably linked.
Have you suffered from a financial disaster and want to know how to recover and, at the same time, how to save the economy? Learn the steps for credit repair after bankruptcy, foreclosure, repossession, or other financial disaster.
While we all hope that the government and corporations all do their part to help us recover from the recession, the bottom line is this: We the people can take matters in our own hands by taking the proper steps to learn how to save the economy.
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