What credit card companies and credit bureaus don’t want you to know

Sounds funny that your credit card companies and the credit bureaus share some trade secrets that are actually in place to do you more harm than good. For example many credit card companies wil extend you credit even if you can’t really afford it.

When you apply for credit the credit card companies only do a surface check to see if your finances measure up and to check your credit score if you fit in there box you win. A life of debt that you weren’t prepared for.

Debt that seems to grow faster than you can pay it off. Also you win some hidden fine print that states your can make the minimum monthly payment options that include taxes and possible additional charges you were not prepared for.

Next in line is the credit bureaus which were never designed to do anything more than create revenue. These bureaus are a double edged sword, first business that issue credit pay to report your payment and credit obligation repayment This is the first source of revenue.

Secondly these same bureaus who report our financial history also sell our information to other credit issuers to send us more credit offers. This is the second stream of revenue for these giant credit reporting bureaus. Most consumers never realize this and keep on going through life and wondering why this and why that.

Credit is big business and the effect of misuse of credit is dangerous. Just look around to see the negative affects on the economy. We have not seen this type of financial devastation since the great depression of 1929 according to the experts we learn from everyday.

So with this knowledge you can protect yourself by opting out of the marketing lists, using a professional service such as LifeLock to protect your identity and remove you from all of the major marketing channels, removing you from junk mail and opting out. Also LifeLock will place fraud alerts on your credit reports to prevent false issuing of credit to someone other than you.

The main reason we are on these lists is so we can be bombarded by direct marketing companies, credit lenders and other direct sales professions to trigger our impulse in buying. Where else should you get your data from some outside source or the one place that knows your deepest secrets in making purchases.

If you are exposed at your weakest level and the companies who compete are vying for your business than why would I as a marketer want to gather your intelligence from anyone else? I can see where you shop, where you have applied and received credit, where credit was denied and so on.

Take warning that in today’s modern world information is king right up there with cash. Which makes more sense today; robbing one bank or stealing identities and robbing thousands of identities for the same purpose and never leave the comfort of my own living room.

• Low and no interest capital for investment purposes When it comes to the value of your dollars in today's economy or any other time your ability to purchase, return income on your investment has been something that eluded many would be great entrepreneurs and investors. The lack of resources to keep the fire slowly going while your momentum......
• How to Land Investment Returns You Can Take to the Bank When it comes to investment and calculating returns many people still get it wrong. Whoever said that one plus one equals two was correct in theory; however when it comes to actuality this theory only holds true after you finish the equation. Remember when your math assignment turned into......
• Recovering from bankruptcy isn't as difficult as you may think I hear this cry from many people worried about their financial circumstances after they have decided that bankruptcy is their only alternative when it comes to recovering from financial hardship. I'm not an attorney yet I work very closely with them in my real estate business. On many occasions bankruptcy......
• Retirement of a giant and the rise of future leaders Retirement of a giant and the rise of future leaders I looked as if I was a deer staring in the headlights when I opened the news this morning. You see I have been buried in tons of different activities and meetings over the last several weeks as I have......
• Snowball your way to financial freedom Debt is like a plague that eats your hard earned money faster than you can earn it. You work for your bills and your bills take everything you work for. Soon it becomes a stressful vicious cycle that makes people bitter and angry. Your outlook becomes bleak; you see no......

• Money Management Questions and Answers How can money management techniques be applied to my life? - The first step is to realize that you could possibly have an overspending problem. This is the number one reason why people get over their head financially. You can easily consult with a money management counselor that will help......
• Protect Your Small Business from Embezzling Bookkeepers Part 4: Common Scams I am always asked if it is wise to speak openly of how bookkeepers steal since I may be giving bad bookkeepers new ideas, causing business owners to lose money and sometimes even force them to put their businesses for sale. My answer to this is always…Absolutely. It is absolutely......
• Personal Finance Lessons Learned the Hard Way Today is the first anniversary of the Tough Money Love blog. I am honored by those who read what I have to say and thankful for all of your comments. Your input is always educational and, at times, quite entertaining. I hope that you can say the same about my......
• Why You Should Never Ignore Your Credit Card Debt. For those of you carrying around credit card debt and are feeling the weight of the world bearing down on you, please heed this advice if you don't listen to anything else: Never run away from your credit card debt. By run away, I mean completely pretend it doesn't exist,......
• Signs That Your Teen Needs Money Management Help If you teen went off to college tomorrow, how soon would they call you asking for money? Would they be able to purchase their own groceries by the end of the month? Would they end up moving back into your basement when they cannot afford their apartment any longer? The......