Happy Holidays to everyone!!!  This is my first blog post and I hope folks will enjoy it and take something from it.

So I saw a sign the day before Christmas at a bank offering “Holiday Loans”.  I ask why anyone would take a loan out for gifts that probably are not necessary…nice to have but not necessary..to go further into debt to the banks and finance companies out there.  I realize it is social convention to give gifts, but if you need to take out a loan to do it, I for one would rather just be given a thoughtful card.

Let me start off by stating I have been guilty of this for the last 20 years at least, however there has been a shift in my thinking.  I no longer subscribe to that line of thinking, and yes I still give gifts that are useful and wanted, at least that’s what my family and friends tell me.

This brings me to outstanding credit card debt.  Many of us have at least 6-8 credit cards in our wallets, not a new fact.  But what about those of us who are behind in those debts and facing collection calls and letters to no end and charged off ratings on our credit report…Oh no, not the dreaded credit report that is supposed to scare us all to death.  Let me be the first person out there to tell you it is NOT the end of the world if your credit score is sub-par, just ask someone like me who has a sub-par rating.  This after spending 25 years managing collection call centers for banks.

We are staring at the 8th year since the housing bubble and the economic downturn, so that means banks are used to sub-par credit and they are more used to seeing recent bankruptcies and foreclosures and charged off credit cards. There are now so many of us now with sub-par credit that they have created financial products for folks like us. Remember, banks are businesses and to stay in business they must make loans and offer credit.  So we are now such a large group they can no longer avoid us.