The Gift of Good Credit

Well the holiday season is upon us and that means shopping for gifts! If you are like most people you will probably spend more money than you really have. At this time of year people often max out their credit cards paying for presents, food, vacations and all sorts of other good cheer. The rush you probably get from shopping will soon turn to depression and dismay when the bills start rolling in come January. That big screen tv that only cost $1995 on sale will end up costing you twice that amount if you just pay the minimum payment on your credit card. To make matters worse your credit scores will start plummeting if you make one late payment or have used up your credit limit. Instead of spending money and using your credit like there is no tomorrow remember there is a tomorrow and go easy on the credit. The best gift you can give yourself and your family is the gift of good credit. Over the average person's lifetime bad credit can end up costing hundreds of thousand of dollars in higher interest rates and payments. Bad credit can end up costing you the opportunity to become a homeowner or if you are a current homeowner bad credit may end up costing you your home. In the past 12 months more homes have been foreclosed on then in the previous 12 months. I do not expect this trend to reverse anytime soon. Bad credit is a killer. Remember overindulgence is bad for the waistline and bad for the budget. The key to a really great holiday season is moderation, know your limits and stick by them. I wish you and yours a magical season full of love and peace.