A September 29th  article in the Dallas Morning News highlights a growing trend in Credit card usage.  According to the article: “The number of consumers falling delinquent on their credit card bills hit a record high this spring as gasoline prices rose and other pressures stretched household budgets.”  The article goes on to point out that the percentage of credit card accounts that are at least 30 days overdue rose during the April to June quarter to 4.81 percent, the highest level since 1973.  At the same time the delinquency rate on automobile loans from car dealerships rose to 2.08 percent, up from 1.87 percent in the first quarter, while those failing to make a payment on a home equity loan rose to 2.75 percent from 2.61 percent in the first quarter, nearly double the rate in 2002.

The inevitable result of this alarming trend is going to be higher interest rates for all borrowers (to make up for the increases in delinquencies).  As a result, having a good Credit Score is going to be essential to get a better loan rate whether you are seeking a new mortgage, refinancing a home, or shopping for a new car.  Since your credit score is based on your credit history, it just makes sense to make sure your credit report is clean and accurate BEFORE you seek new credit.  That way you’ll be certain you are not overpaying for your credit purchases.  Seeking the services of a professional credit repair company is the fastest, most effective way to clean up your credit score and be ready if and when you need that new loan or credit line.