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If you are a pastor, a small groups leader, or just a christian, this newsletter is for you. A source of financial tips, inspiration, and vision for expanding God's kingdom through Biblical financial freedom.
 
 
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World Bank chief warns of financial crisis World Bank chief Robert Zoellick on Saturday warned of a "new and more dangerous" time in the global economy...
US Recession Risks Rises The threat of a new recession is rising in the United States, economists say, as they slash their ..
Unsafe US debt remains safe haven US Treasury bonds remain a hot ticket for investors looking for a low risk investment in a volatile market despite the unprecedented ...
US borrowing tops 100% of GDP US DEBT shot up US$238 billion (S$287.2 billion) to reach 100 per cent of gross domestic project after the government's debt ceiling was lifted
Consumers consumed by debt The average consumer may feel far removed from the heated debates concerning the $14.3 trillion debt ceiling. But the truth is...
Financial Crisis II. Get out of debt now There is increasing talk among traders and financial analysts that the latest slump in global share markets
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Credit rating: For matured audience only

 

Scriptural Financial Freedom Obtaining God's blessings

 

 

 

 

 

Credit rating: For matured audience only

A US credit-rating cut would raise the nation's borrowing costs by increasing Treasury yields by 60 to 70 basis points over the "medium term. The average American may not care. But the truth is, American households are dealing with plenty of their own problems, and the debt issues weighing down the nation are similar to those facing consumers.

An individual's credit score, along with his credit report, affects his or her ability to borrow money through financial institutions such as banks. The factors that may influence a person's credit score are:

  • ability to pay a loan
  • interest
  • amount of credit used
  • spending patterns
  • debt

Your credit score serves as a key determinant of the costs of some of the most important and substantial purchases you'll make--like buying a home or car--as well as the interest rates that accompany your credit cards. Damaged credit can affect how much you pay for services such as insurance, and some employers even look to credit histories before extending job offers.

 

The best way to improve your credit score is to pay down your revolving (or credit card) debt, because having a high balance/credit limit ratio doesn't bode well for your credit score. If you have a card that is close to being maxed out, consider transferring part of the balance to other cards. That's because it's generally better to have smaller balances on a few cards than a big balance just on one. Also keep your charges to 30% or less of a card's limit; 10% is ideal. If you're having trouble sticking to the limits, set up e-mail or text alerts with credit card companies to let you know when you're approaching a limit you've set.

Banks have been forced to write off record levels of credit card debt, so things are going to get rougher. So make sure you pay your credit card bills in full every month and on time. Late payments will lower your credit score and may even trigger an automated increase in rates. Moreover, it could result in a vicious cycle of credit-card debts.

Most people tend to look for credit cards that give you tempting rewards like travel incentives, or discounts at expensive restaurants. But most of these perks are not your regular bills and payments. Unless you fly often on business trips, travel rewards are aimed at getting you to spend more. Choose credit cards that comes with discounts to your regular bills, like gas, groceries, regular payments, things that require you to pay regularly.

Never use your credit cards to pay for debt. The debt amount will just keep mounting. Many people justify indebtedness with the thought that they are making an investment when they purchase items. That's an unwise assumption. And don't apply for new credit cards you don't need.

The Bible does show many ways to overcome any financial crisis and reach financial freedom. Many of these principles are laid out in our successful course, the Scriptural Financial Freedom series. To learn more, you can download the Small Groups kit from our estore.

 

Today's Bottom Line

If you haven't already done so, check your credit report. And make sure you clean your credit cards.

The Bible does show many ways to overcome any financial crisis. Many of these principles are laid out in our successful course, the Scriptural Financial Freedom series. To learn more, you can download the Small Groups kit from our estore.

Calculate your mortgage, credit card repayment, loan interest as well as your compounding interest and more with our 25 calculators!
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Financial Freedom Tips & Toolbox

Today's Pick: The dangers of Debt The Dangers of Debt by [Stacy Johnson]

 

 

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