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Wednesday, May 18, 2011

Watch Your Credit Use If You Intend to….Live!

Being in the real estate business I was so tempted to end the title with  buy a house” instead of the word I used – “Live!”

But the reality is easy credit, available lines of credit and charging are not the best route to financial freedom. [I am not a credit counselor but life and business have taught me a few things!]

Sure there are times when you need to use a charge card like online purchases.  There is some protection offered should a dispute arise regarding the purchase.

But, balances creep up. 

Credit card companies have a way of offering increases in your credit line – even when you never asked.  And the interest you pay adds up until your payment is mostly interest with little impact on the principal.

If you do intend to buy a house or condo in the future I urge you to obtain your credit report free.

Speak with a mortgage lender early in the process - before looking at a single house or condo!

Better yet, watch your use of credit if you intend to live a peaceful, enjoyable life!   

Living with overextended credit is like having your one of your hands tied behind your back - restricted from enjoying life fully!

And if you need to work on your credit there are plenty of resources out there. 

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