The most current study of the American economy attests that incomes are decreasing for those just starting out. The Collections Industry has reason to believe that this paradigm shift will be permanent.

Your credit score can be likened to your criminal record. Both will follow you around for a very long time, and both are supposed reflections of the person you are. Only you and perhaps your attorney will know your criminal record. But your credit score can be pulled when you apply for a credit card, or go to get a new car, or even try to move in to a new place.

There have been recent changes in the credit industry due to the new credit card bill that takes effect in February. It will have huge ramifications for both issuers and cardholders. Restrictions on rate increases, fees and increased disclosure requirements will bring about many changes for issuers. Every borrower should learn about the crucial stipulations in the law and the loopholes.