If you were to ask a group of people to define the American dream you would surely get a variety of answer, it means different things to different people.

To many it’s a better life for their family, others it’s freedom and the opportunity to build wealth and security. Some it’s owning a home, a business, or having the freedom to do nothing. No matter how you define it, to realize “your” American dream, it requires work. Most Americans work hard and want to be their own boss so they start their own business. Many, myself included, started without any real business knowledge, finding it easy to get in over your head in debt. Even while making a good living you can end up in debt all while chasing the American dream. When this happens personally or for your business, getting some advice and debt management can turn your situation around.

Debt management is a common drumbeat today, simply because when entering the business world you need to manage so many things and credit is the easy way to get it. Let me recommend you take the time and pick up a few books on the subject to help turn your business life around, they did for me.

• The e-Myth Revisited
• Rich Dad Poor Dad
• The Success Principals

All great reads with practical information on business, management, money and debt

When starting a business it’s easy to get a line of credit to “finance” the company. As soon as you set up a checking account the bank seems to give you a credit card with a $25,000 limit, then it’s so easy to charge things on the credit card. The attitude is - “I’ll pay for it later.” Many businesses fail to consider the high interest rates the credit card companies charge if you are late on just one payment. When your business does not pay off the balance on the card every month, your “American Dream” can soon start falling behind and debt will begin to spiral out of control.

There are many avenues and companies offering debt management and consolidation advice. Many exist solely to help you climb out of your debt, others can help guide you and offer solid advice to help you turn your company around and climb out of the debt trap.

Some companies are non-profit, and others are for profit, do your research before you making any financial decisions on a company. Many companies not only offer debt management advice, they have special relationships with creditors, and can help reduce your debt faster than you ever imagined.

If you have fallen behind, and have no idea what to do, you may notice that bill collection companies are calling you day and night. This may leave you feeling depressed, anxious, and wishing you could rip your phone out of the wall. Before your debt gets the best of you, get some debt management advice. One of the first things that these people may do is help you stop these annoying phone calls.

It may take a while, but a good company will help you eliminate your debt altogether, and you may learn a lot about managing your money in the future. Not only will you learn a lot from the debt management advice you receive, you will be better prepared to manage your finances in the future. You may learn how to reduce your credit card interest, and how to fix your credit to receive better interest rates on loans. The number of Americans in debt is on the rise, but remember, you donít have to be one of them.

You’ve probably watched the commercial on ‘getting your credit report today.”
A credit report can be helpful for a wide variety of reasons to solidate debt and borrow money.

Currently there are three major credit reporting agencies: Experian, Equifax, and TransUnion - each has their own information about your money spending habits which comes down to your credit.

For a good credit report you need to get reports from all there credit reporting agencies. Fortunately, you can get reports from all three credit agencies for about $24. This is the start to learn more about and improve your credit rating and start down the road of debt consolidation and end up debt free.

Many financial institutions need get a credit report from all 3 agencies before they will approve of a loan. Knowing your credit record can give you a heads up on your chances of receiving all kinds of services.

Know before You Apply

For example, a home loan may be difficult to get with a bad credit score, insurance will be difficult or costly, a credit card with a low APR may need be possible, or even leasing a house or car. Knowing what’s in your credit report can be a short cut to save you time applying to services which you won’t receive.

Identity Theft

In today’s age of identity theft you’ll be able to see if someone has been defrauding you or stealing your identity. If, for example, someone has been setting up accounts under your name, not telling you or running up bills and not paying them, they’ll show up on your credit reports as a bad score or flag. This will let you take appropriate action to get them removed from your record.

Clearing Up Records Can Take Time

Getting the fraud charges removed from the credit bureaus system can be a major hassle. I’ve had a friend with multiple items on his credit report when someone was using a cellphone using his name. The company did not believe it wasn’t him and reported to all three bureaus. To verify the errors he had to produce several pieces of identity, mail, as well as his home title to show where he lived at an address different from where the bill was going. They did not believe him until he showed lots of proof to all the agencies.

There are many ways to improve your credit score. First start by paying your bills on time, pay those credit cards regularly and pay on time to show you are reliable and can trusted with credit. Regularly pay off the credit card balance, pay the gas, phone, electric, and utility bills - on time.

In the long run, keeping your credit good will help you qualify for better interest rates, bigger lines of credit, and all kinds of other financial benefits that you wouldn’t have otherwise. Really, it’s easy and you’ve got nothing to lose. The word “EARLY” will solve many problems in life and paying bills early will pay big dividends.