Credit Lessons Learned From Greece

: Chris Lee Law Firm

  Filed under: News

greece debt crisisAs the modern Greek financial drama unfolds before the world’s eyes, many Americans are viewing the economic situation with rather passive alarm.  What should be extraordinary and shocking receives little conversational attention in most circles.  Though the credit crisis in Greece has largely to do with government and major financial institutions, there are several lessons Americans can learn from this terrible large-scale bankruptcy.

What We Can Learn From Greece

First, credit doesn’t last forever.  Whether you are a large government with major financial power or an individual with a credit card and modest mortgage, credit must be paid off.  The point here is obvious and simple, but many Americans today are entering into bankruptcy because they never truly believed they would have to pay off exorbitant credit card bills or mortgages they could never afford.

Second, it’s possible for our government to default on credit loans just like Greece did.  Government is not impermeable to debt collectors, and when it happens on a large scale that deals with governments and major financial institutions, the ramifications trickle down to the common man.  Being prepared for national bankruptcy is essential in these volatile economic times.

Last, even if you keep your credit score high, it doesn’t mean everyone around you is doing the same.  When an economy tanks, your personal credit score isn’t going to help you much.  Having as little debt as possible and paying cash for the things you own is the best way to prepare yourself should a situation like the Greek financial crisis unfold here at home.

When a nation faces bankruptcy it hurts the government and citizens alike.  Staying responsible in your personal credit habits is an essential practice.  Also, being alert to what situations are developing in Greece’s economic condition can help you know how to prepare for a similar situation here in America.

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