Anita's Blog (2)

Here’s an alarming statistic: Americans spent twice as much on their credit cards in January 2008 as they did the month previous. Thanks to the subprime mortgage crisis, people that were using home equity lines of credit are now turning to credit cards. According to Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York, “There’s not much gas left in the tank. In the early stage of a recession, consumers tend to rely on credit cards to see them through the har… Continue

FICO stands for Fair Issac Corporation. Bill Fair and Earl Issac started a consulting company in the 1950’s and developed FICO scores, which measure credit risk.

I keep trying to think of alternate definitions for the FICO acronym:

• Floundering In Credit Oppression.
• Forgetting I’m Credit Oppressed.
• Forever Instant Credit Organization.
• Financially I’m Constantly Overwhelmed.
• Fighting Idiot Credit Oppressors.

Those aren’t very

… Continue