Financial News

Consumers With Bad Credit Or Low Income Get “The Shaft.”

Do consumers with poor credit and or low income get preyed upon by opportunistic companies compared to those consumers with clean credit? The answer is “Yes” and it’s an age-old and unfair practice. The website Mint at www.Mint.com put together a tongue-and-cheek flow chart called “The Shaft” to illustrate these practices. The most common scams used by shady companies to prey on consumers in financial dire-straights include “Rent to Own,” “Pay-Day Loans” and “Bad Credit Cards.” These scams are offered under the guise of helping the consumer, but they come at a hefty price tag. The end result often includes astronomical interest rates (try 531% in one example) and consumers end up “upside down” in the deal. Bottom line is that these scams work against the consumer by landing the consumer further in debt. To improve your credit score or for more information on credit report repair, contact Vitesse Financial.

Credit Repair Seminars

An expert in the field of credit report repair for over 10 years,Vitesse CEO Greg Tilley speaks nationally by invitation on the importance of clean credit in today’s economy. Greg’s perspective is: “In today’s economy, good credit doesn’t always cut it. Good, hard-working people are being turned down for loans everyday, so great credit is essential. In the end, a great credit score puts money in your pocket for the long run, so make it a priority.” In early December, Greg spoke to an audience of over 350 people in Orlando. Topics include methods to improve your credit score and how an optimal credit score can save you thousands of dollars annually. Greg’s next speaking engagement will be in Las Vegas March 2010. Visit our website at www.Vitessefinancial.com for more information on upcoming seminars.

College Students and Credit Cards

Today’s college student cannot function without their Mac, iPod, Android… and their plastic of choice. In fact it’s the plastic credit card that is often financing these essential student purchases. And let’s face it- the last thing on these bright, young adult’s minds, who are getting their first taste freedom, is maintaining a clean credit history.

When one considers that your first line of credit marks the beginning of your personal credit history and ultimately dictates your credit score, it is hard to believe that many credit card companies actually market directly to these youngsters, hoping they will default, pay the minimum balance (which means they are mostly paying finance charges each month and not putting much toward their balance,) or transfer their debt to cards that ding them with high interest or finance fees. These kids are literally being set up to take on the difficult task of credit report repair in the future.

Clearly, learning financial responsibility, the basics of finance and the importance of maintaining and implementing tools to improve your credit score should be part of each student’s core classes. Until it is, students should be encouraged to take a personal finance course, budget wisely and use their credit card minimally.