Credit Cards

A good credit history is important not only for getting good interest rates on a credit card, car loan or mortgage. It may also mean lower insurance rates, a better deal on a cell phone plan, or even be a determining factor in whether you or not you get a job. The reality is that it takes good credit to achieve many potential dreams. If you’ve had credit issues in the past, or just haven’t started establishing a good credit history, it’s never too late to start.

Vantage partners with Accel Financial Counseling to provide free financial education and counseling services to our members. Here’s what they have to say about the state of getting credit today:

A credit card is a double-edged sword. One edge offers convenience and security when making purchases. You’ll even find some transactions (renting a car, reserving a hotel room) can get tricky without one. So yes, a credit card has a useful side. But it can also have a second edge, a dark side. It’s all too easy to find yourself in trouble with debt, fees and finance charges (not to mention a shrinking credit rating) if you allow easy access to credit to get the best of your budget.

Let’s play a short little guessing game. We’ll provide a few statistics, and you tell us what those stats represent. Ready? Here we go...

• One in 10 U.S. citizens has been personally affected by this.
• Nearly 26 million Americans carry insurance against it.
• Those involved lose an average of between $851-$1,378 in expenses.
• Worldwide losses associated with this are $221 billion a year.

Alright, what are we talking about? Natural disasters? Vehicle accidents? No. It’s identity theft. It’s you having your good name stolen and used for someone else’s benefit. Here are some other numbers to consider: