| August 11, 2010

Consumers in credit card debt need to use plastic to rebuild scores

Credit card issuers and banks have tightened their lending restrictions as they try to make a profit in the tough economy. Consumers struggling with loan and credit card debt have become less inclined to take out another line, but as the New Jersey Star-Ledger reports, continuing to use plastic may be the only way to qualify.

“Credit is a catch-22,” O’Meara Financial Group representative Margaret O’Meara told the paper. “If you have used cash for your purchases and are in great financial shape with a positive net worth, positive personal balance sheets and no debt, you will be penalized for not using credit should you need a loan or credit card,”

Financial analysts, including O’Meara, recommend that consumers with poor credit history start out small. Opening a gas credit card or an account at a department store is the first step toward establishing a better credit history. Consumers should also make sure to ask if the issuer reports all activity to the national credit bureaus before applying.

Consumers with bad credit can also ask a friend or relative with a better history to co-sign for them. This can increase the chances for loan and credit card approval.

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"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

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Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

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Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

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