Financial Wellness

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Financial Wellness

We live in a society that is becoming more and more dependent on credit than ever before. There are so many circumstances where an individual is not able to purchase a good or a service without having sufficient credit. Two primary examples of this is purchasing a home and purchasing an automobile.

Unfortunately, some individuals feel that if they are not currently in the market for a new home, or if they are not currently in the market for a new automobile, they do not need to be concerned about their credit. Nothing could be farther from the truth. Even rental homes and apartments are starting to look at an individual’s credit worthiness prior to deciding whether or not they will extend a lease to them. Individuals with poor credit may find that they are not even able to rent an apartment.

Additionally, employers are starting to look at a person’s credit worthiness prior to hiring them. Many employers reason that if an individual cannot be financially responsible, it may not be a good idea to hire them. Additionally, an employer may feel that an individual’s level of debt is too high for the salary that they are being offered, and therefore, this individual is not a good prospective employee.

The same principles apply for individuals who are looking to start their own business and for individuals who are looking to purchase basic utilities for their home. Remember, an individual’s credit shows how they have, or how they have not, paid certain bills. People see past credit actions as an indicator of future financial responsibility. Therefore, anyone who has poor credit is going to raise red flags in the eyes of lenders, and they will think twice before extending them credit.

Thankfully, a person’s credit situation is solely in their hands. With education, determination, and assistance from professionals, anyone who is suffering from poor credit can turn their situation around in a relatively short amount of time. Often, the number one thing that a person needs to do to get their credit good again is to simply start paying back what they owe and do this on time.

Because of the abundance of individuals who are dealing with poor credit, there are many agencies that are available that specialize in helping people with credit repair. They offer counseling and debt consolidation. Individuals who are able to repair their credit find that their quality of life is greatly improved.

Click below to learn how you can gain control of your credit and finances.

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