Debt Consolidation Credit Counseling In Phoenix

So much of the junk we're facing in our world economy is thanks to the fact that for the last ten years or so the world chose to use - and abuse - the credit system. Smart borrowing is an art, and the world population (but especially we in the United States) have made an absolute mess of it. Our incomes couldn't possibly keep pace with our borrowing, we have all but abandoned the habit of saving for the future, and the current state of things is what we're reaping.

First of all, you have hundreds of thousands of Americans who bought homes they had no business buying, and no realistic ability to repay the loans. It's amazing to me that as a people we'd blame a Presidential Administration for what we did. It's disappointing that the savvy members of the community will pay for the mistakes of the careless in the form of expensive bailout plans paid for with tax dollars.

We can never let ourselves get in this situation again, and to avoid it we have to decide as a nation of borrowers that we'll use credit with a lot more care. Often - possibly the majority of the time - using credit with care means not using it at all. If you need extra money, get a part time job; don't borrow.

Why not? Well, because these types of loans nearly always carry terrible interest rates and bad terms. If you choose to borrow cash in this way you can end up paying in excess of 100% interest as well as hundreds of dollars in fees. How could that ever be a smart move?

That being said, while signature personal loans are generally an awful financial move, there may be times where you just can't avoid using them. You might experience sudden unemployment when your boss fires you for no apparent reason at all.

Of course that's not fair and technically you could sue him. But do you have the money for a lawsuit? I doubt it.

So what can you do? You're out of a job, your creditors don't care, and the American taxpayers aren't going to bail you out unless your name is AIG or GM. Your only option is to borrow money from friends, family members, or even the loan store on the corner.

The best words of wisdom I can offer you are to borrow not one cent more than you need to keep your family afloat till you land a new job. And whatever employment opportunity comes your way - take it! When people are throwing around words like recession and depression it's no time to get greedy about which job you will or won't take.