The P.A.

A weekly address from Patrick Adams,
President of St. Louis Community Credit Union

Your Financial Health Is Just As Important As Your Physical Health

On June 30th, 2008, posted in: Uncategorized by

Physical fitness is essential to a long, healthy life.  To be healthy, we need a variety of good numbers.  We need good LDL and HDL cholesterol numbers.  Our blood pressure numbers need to fall in a specific range to be considered optimum.  The triglyceride count has to be a certain number to be acceptable.  Blood sugar counts need your attention, as well.  Heck, the world of health has now determined that even the circumference of our waistline has an ideal number attached.  Suffice to say, it’s a lot smaller than we might hope.

“Fiscal fitness” is essential, as well.  The number that matters most in measuring your standard of living is your credit score.  A number ranging from the 400s to the 800s has a direct effect on your financial health.  The higher the number, the lower the interest rate you pay for credit.  That’s a big deal when you consider that the difference in interest rates can equate to thousands of dollars in interest payments.

Just like getting physically out of shape happens over time, so does poor credit.  Months of missed payments progress to a low credit score and a high rate of interest.  And just like getting your body back into healthy form takes time, so does the correction of your credit score.  There are no quick fixes.  To begin the journey to improve your credit, pay your bills on time.  While there are a number of factors affecting your score, nothing is weighted more heavily in your favor than paying your bills on time.

Physical and “fiscal” fitness both start at the same point.  Set a goal as to what numbers you want…then get to work!

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