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Credit is an important money management tool for both young and older consumers. Yet the elderly, particularly older women, may find it difficult to get credit. If you’re an older consumer who has paid with cash all your life, you may find it difficult to open a credit account. That’s because you have “no credit history” of how you paid on credit. If your income has decreased, you may find it harder to get a loan because you have “insufficient income.” Or, if your spouse dies, you may find creditors trying to close joint accounts. A “joint account” is one for which both spouses applied and signed the credit agreement. Under the federal Equal Credit Opportunity Act (ECOA), it’s against the law for a creditor to deny you credit or terminate existing credit simply because of your age. Interviewing a Credit Counselor
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Credit Management
The opportunity to pay tomorrow for something you are enjoying today has allowed many individuals to buy homes and vehicles or provided their children with college educations. Using credit can enable you to accomplish such worthy goals. But loans and credit cards can also entice you to spend more than you will be able to repay when the debt must be repaid. Learning how to manage credit wisely is more important than ever.
Good credit is not just nice to have, it's crucial for survival in today's world. You might be surprised to discover how often your credit history impacts your life.
Whether you shop online, by telephone or by mail, a credit card can make buying many things much easier; but when you use a credit card, it’s important to keep track of your spending. Incidental and impulse purchases add up, and each one you make with a credit card is a separate loan. When the bill comes, you have to pay what you owe. Owing more than you can afford to repay can damage your credit rating.
Keeping good records can prevent a lot of headaches, especially if there are inaccuracies on your monthly statement. If you notice a problem, promptly report it to the company that issued the card. Usually the instructions for disputing a charge are on your monthly statement. If you order by mail, by telephone or online, keep copies and printouts with details about the transaction.
