America has the largest economy in the world because of a concept called credit. Christopher Columbus was able to discover the new world (Bahamas) by loans from the Spanish government and Italian investors. The concept of credit can be explained if a person receives money, goods and / or services from another person without paying for their immediate and / or whether the payment is based on a lateragree on the date.
American consumers need credit to make purchases for big houses, cars and emergencies. Since 70% of Americans live paycheck to paycheck, the loan is essential to our everyday lives. In 2007, the U.S. consumer debt reached an estimated total of $ 2.5 billion, where the credit card debt accounted for 36 percent of the total population. On average, consumers about the implementation of $ 10,000 in credit card debt. Entrepreneurs rely on loans to start businesses, which supply us with goods andServices, allowing our economy to grow and increase our standard of living.
Original Article: Everything You Need To Know About Credit Scores | card discover balance transfer
