Hoping to help keep even more Americans from getting sucked into the black hole of consumer credit debt, the Treasury Department and the Federal Reserve Board have announced the top five fundamental practices that consumers should follow to manage their personal credit.
During a May 22, 2003 credit management panel discussion hosted by Treasury and the Federal Reserve and attended by representatives of financial services organizations and community and consumer groups, consensus was reached on the following five fundamental practices:
1. Build savings to avoid high-cost debt and improve payment options.
2. Pay bills on time.
3. Pay more than the minimum payment.
4. Comparison shop for credit and obtain only the credit you need.
5. Understand your credit history and how it affects you.
"These fundamentals are an important first step toward educating.....Read Entire Article