Credit Problems for Individuals Essay by The Research Group

Credit Problems for Individuals
A look at the symptoms, over extension, credit history, creditors, credit cards, credit repair agencies and counseling.
# 19483 | 2,025 words | 3 sources | 1992 | US
Published on Mar 11, 2003 in Economics (General) , Accounting (General)

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From the Paper:

"People respond to debt in one of two ways. Some are overwhelmed by it. Others are slightly uneasy and worry that they are in too deep. Most people, in fact over 40 million Americans, fall into these categories;. and while credit offers wonderful opportunities to improve a person's material standard of living, unless used wisely, it is easy to fall into the nightmare of unpaid bills, overdue notices, collection agency letters, negative credit reports and even bankruptcy. However, it is possible to set up a credit repair system that allows an individual to get out of debt and manage money more wisely.

The first step is to recognize there is a problem. There are a number of danger signals. Credit borrowing doesn't make much sense when installments are made on products that are quickly consumed such as food, gifts and entertainment. A person..."

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