NEW YORK (12/10/08)--Consumers can find several opportunities to rebuild the wealth they lost this past year due to failing banks, plunging home prices and the turbulent market. One way is to protect credit ratings. If consumers can't improve their rating, they should look into credit unions. So says The Wall Street Journal in its Sunday issue.
"These lenders are more inclined to look past your credit score to see whether other circumstances, like job history and other assets, make you creditworthy," said the Journal's "SmartMoney" column of credit unions.
The article lists a number of ways consumers can recoup losses including:
Working past their planned retirement date, to boost income from Social Security and investment returns by as much as 6.4% for each year worked.
Staying in the stock market and riding out the downturn.
Protecting their credit score.
Renting out their home if they must move elsewhere.
Bargaining with national chains for discounts on a variety of purchases.
courtesy of cuna.org