Consumer Credit Reports – equifax experian score

. asked:


“The outstanding balances on Americans’ credit cards shrank by almost 10 percent in February, the largest decline since 1978.

The Federal Reserve Tuesday, in its monthly report on consumer credit – also called the G.19 – said that $7.8 billion in revolving credit balances disappeared in February, an annual rate of 9.7 percent. Revolving credit as defined by the Fed is comprised principally of credit cards.

Young Kim, an analyst for Stone & McCarthy Research, wrote in an investment note that the contraction represents “less available credit, less consumer demand for credit, and consumers’ new found propensity to pay down debt.”"

http://www.insidearm.com/go/arm-news/credit-card-debt-shrinks-at-fastest-rate-in-30-years-in-february

http://www.nasdaq.com/newscontent/20090408/Americans-paying-down-more-of-their-debts.aspx?storyid=19115263

Micheal

zulubravo asked:


…After all, most of the credit-scores in America, are horribly incorrect, and the reporting system is Flawed.

If they are getting a break, why shouldn’t we?
A clean slate, means everyone starts at Zero…
Both consumers & lenders!

Linda

3.14159265 asked:


Why can’t the government bail out the citizens instead of the banks?

I’ve heard this proposed here and on a couple other sites, but really, what would be wrong with using that trillion dollars to buy up consumer debt?

We all owe money. For cars, homes, credit cards, college, etc. The finance companies need money. If we paid what we owe, they would get money, right?

More than that, most consumers would use the money, which they used to pay off debts with, to purchase new goods or services, thus creating a demand for products again. They might even seek more credit, further helping to revive banks.

The only drawback I can see (though there must be more) is that people who have more debt would be disproportionately helped. But, maybe this debt payoff could be based on a formula made from a combination of tax returns and credit reports to make sure everyone is helped more or less equally.

Basically, it seems like a pretty good idea to me. But I’m not an economist, not even close. I figure the idea is so obvious someone must have considered and then dismissed it. There must be a reason it wouldn’t work. What is it??

Stephen