New York, NY (PRWEB) October 13, 2013
Following the Huffington Post’s October 8th article entitled “Alternative Ways to Build Credit”, Finance Acceleration revealed the many uses and importance of having a strong credit history. The Huffington Post article discussed the continued abandonment by young people of credit cards, and the corresponding hit on young people’s credit scores and history. While the article offered varying methods of building credit, Finance Acceleration revealed the purpose of building credit and why it is important.
Dedrick Muhammad began with statistics regarding credit card use among the 18-29 year age group, demonstrating that while credit card debt and use are down, student loan debt continues to rise. He then provides several different methods of building credit. The first involves registering rent payments and paying all rent payments on time. This method may also be used for paying utilities; individuals can register their rent and utility payments online, pay these on time, and develop significant credit scores. Finally, a loan exists solely for the purpose of building credit and may be found at most credit unions.
Finance Acceleration revealed the importance of building credit and its intended purpose. Credit history is called upon by banks considering a loan to an individual, by apartment companies considering a tenant, insurance offers, and may even play a role in some job offers. Credit’s purpose is to offer a clear idea of an individual’s reliability regarding money management and repayment. As such, credit plays an important role in day to day lives, including purchasing a home, purchasing a car, determining interest and repayment options for mortgages, loan repayments, and even student loans. Rather than regarding credit as an enemy, it is important to acknowledge the large role credit plays in the everyday goings-on of Americans, embrace this role, and work in tandem with credit card and loan companies. Though many are leery of having credit cards, or entering into debt via a house, car, or even student loan, these loans will assist in building a foundation for future credit-based decisions.
Dedrick Muhammad is a writer for the Huffington Post. Though his career began in education, working as an advisor in a university, he end up working in economics, leading to his appointment as a finance and economic writer for the Post.
Following the Huffington Post article regarding credit scores and how to build them, Finance Acceleration announced the vast importance of credit scores and developing a positive attitude toward building or improving credit. Because credit grows increasingly intertwined with every aspect of the lives of Americans, developing a positive relationship with credit-building and maintaining high credit scores is essential. For people who want to learn more about credit cards and personal loans, FinanceAcceleration.com recommends the data found on CreditLoan.com.
FinanceAcceleration.com is an online resource for individuals and families seeking advice regarding personal finances and the finance industry.