The latest statistics show that credit card use is on the rise. While tackling debt seems to have become an unwelcome tradition for many Americans, managing debt wisely can play an advantageous role in building a strong credit history. OpenSky advises consumers to understand the "ingredients" that go into the "debt pie," which in turn means understanding how different types of credit work.
It is important to know how revolving accounts, like credit and store charge cards, have the power to make or break credit worthiness, depending on how they are used. Understanding how they work, and how they affect other types of credit like installment loans, home mortgages, and auto loans, can ensure that, when the time comes for the big purchases in life, lenders will be motivated to entice you with better interest rates and lower monthly payments.
Having wrestled a big credit card balance down, many people reward themselves by cutting it up and throwing it away, but that is actually counterproductive, says OpenSky President
Of equal importance, he stresses, is whether the creditors are reporting each month to the credit reporting agencies, as OpenSky does. "Take a minute today and call your credit card issuers to find out whether they report to all three major credit bureaus -- you would be surprised how many report to just one or two." For more information about OpenSky, visit OpenSkycc.com.
OpenSky is a business line of
Read the full story at http://www.prweb.com/releases/2014/08/prweb12069946.htm
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