Latino Inaugural Gala 2009

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Most only think of credit as a tool and process that comes into play when a non-cash transaction is made. Credit has the ability to raise as well as lower ones standard of living to a greater or lessor degree depending on the individual circumstances. This fact alone has serious social and economic implications.

Media headlines have reported that at least sixteen states are considering placing a ban on employers using job applicants credit history as a part of the hiring process. No one is advocating less financial responsibility and accountability for anyone maintaining their own credit history in good standing. The point here is that it behooves each consumer to be wise when using credit because the consequences of ones actions now are far reaching to say the least.

It is now possible that your credit may prevent you getting a job and some cases the type of job you would like to obtain depending on the industry. Now the picture becomes quite clear how credit in and of itself can have a direct impact on your standard of living. The use of credit or the misuse of credit in some cases can correlate to the level and quality of your standard of living.

Employment and earning capacity over time is a key component in gauging a consumers standard of living. Your ability to maintain stable employment over time with a upward moving pay scale combined with sound credit should afford you the opportunity to increase your standard of living. Excluding any other negative financial factors or setbacks that might come into play.

Most Americans in the working class seem to rely on three basic financial fundamentals: Employment, Income and Credit.

Does credit or the lack of credit perpetuates a division of society resulting in economic classes?

Without sufficient income and credit it is hard to imagine how one would maintain a desired upward bound standard of living. It is well known that those with little to poor credit will pay the highest cost and interest rates when obtaining a loan or buying big tickets items. Those with the least seem to pay the most and therefore a endless cycle of high expenses creates a downward spiral of their standard of living.

Credit cards are now almost non-existent for those whose credit scores are considered low by today’s standards. Consumers with the lowest scores who manage to secure a credit card are charged rates that really should be illegal in this country.

With the risk of not finding employment or suitable well paying employment hinged on ones credit history there is much to be said for the power and influence of the credit bureaus on your life.

Current events are shedding even more light on why it will prove beneficial for the working class to embrace a system and process that enables the leveling of the credit and credit score playing field.

A few years back sociologist and economist both seem to agree that America had three distinct classes: lower (working poor) , middle class and upper class. For some this is an unpopular topic of discussion and others may shy away fearing a lack of political correctness. Nevertheless the economic facts involved here are profound.

Time the great equalizer and some cases a great diminishing force has certainly brought about a defining change in America economically. There are many who believe there are only two classes currently in America today. The working class and the affluent rich.

It is obvious to see that the middle class has disappeared. Were they a victim of fate or were they proven to be irrelevant by the financial and economic wizards?

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