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Always Be Prepared With A Good Credit Rating

2017/11/10

Does having a good credit rating lead to profitable opportunities?  Let’s take a look. The years between 2006 through 2009 were not good for many as the economic recession took its toll on many people in the United States and beyond.  Millions of Americans lost their life savings in the stock market, which then had a catastrophic domino effect with the banking institutions.

Then came the disastrous sub prime real estate market decline which took all of us in a downward spiral spin and resulted in many bankruptcies and foreclosures.  Thousands lost their homes because they could no longer afford their mortgage payments that had doubled and even tripled.  People were paying more than their homes were worth thus resulting in these foreclosures.

The next hit was on the auto manufacturers whose sales dropped to a record low.  Thousands of employees were terminated and then government acted with bailout money for both banks and automobile manufacturers.

Unemployment figures were at an all time high and people just didn’t have the money to eat out or even go on vacations.  So that affected the restaurants and airline industry as well.

And if that wasn’t enough, Americans now face credit card debt in the millions!  Most of us now put top priority on saving money and have cut out most luxuries altogether.  Dollar stores are reporting higher profits and McDonald’s and most fast food chains are now offering the dollar menu.

It seems imperative to spend less and work on getting rid of debt as soon as possible if we want our financial future to change.

But with an economic recession comes lucrative opportunities for many.  Interest rates are at an all time low and real estate is cheaper now than ever before.  You can refinance your mortgage you already have and even structure lower monthly payments.  This is one of the reasons it pays to have a good credit rating.

Perhaps sooner than later we will all be facing a brighter tomorrow.




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