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It’s a sign of hard-fought wisdom when you hear yourself say, ‘If only I knew then what I know now.’ In fact, many of us are saying to ourselves right now, ‘If only I knew a few months ago that the stock market would turn so bearish…’

Subscribers to Bob Prechter’s Elliott Wave Theorist often get the flip side of that feeling, as in, ‘Boy, am I glad I was prepared for what’s happening in the economy and the markets today.’ Let’s look at three examples taken from Bob’s Theorist of just over a year ago in September 2007, which he titled, Fasten Your Seat Belt. This is the best way I know to point out that those who got Bob’s message one year ago have been well prepared for the fiasco that the markets and the economy find themselves in now.

Excerpted from the September 2007 Elliott Wave Theorist by Bob Prechter

FASTEN YOUR SEAT BELT

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Though no business owner could ever say that building business credit report scores is easy, there is also no denying that this is one of the most important aspects in any business enterprise. Though the process is quite complex and time consuming, the rewards of getting favorable business credit report scores are also worth the effort for. That’s why it’s important to know how to build up your business credit scores.

Most companies often find it easy to use business credit cards to build business credit. This is because business credit cards are relatively easy to obtain, has lower interest rates compared to other loans, and feature several perks that businesses can take advantage of. Consider applying for business credit cards and use these financial tools in order to demonstrate your creditworthiness. Another financing option easily obtained by small business enterprises are short-term lines of credit that do not involve huge amounts of credits and hence, are relatively easy to pay off.

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Today having a credit card is not felt to be something of a luxury or a status symbol but reather is viewed as being a necessity and most people has not one but a number of credit cards. As a result the credit card business has grown rapidly in recent years and today the marketing of credit cards is also a huge business in itself. But along with this growth has come a massive growth in the amount of credit card debt.

As the name suggests a credit card simply gives you a line a credit with the credit card issuer and the limit of that line of credit will be set when the card is issued and reviewed from time to time thereafter. In other words whenever you make use of your credit card you are merely borrowing money from the card provider and you can go on borrowing as many times as you wish to until you have borrowed up to the limit of your credit.

As soon as you start to borrow money from your card provider you will start paying interest on the money you have borrowed and each month you will have to pay back at least a portion of the money borrowed. The rules vary from card to card but, occasionally, the initial interest charged is at 0% and if you repay the total amount of money borrowed in any month at the end of that month then you will pay no interest charges on that money. However, if you repay only part of the debt, then you will be required to pay interest on the remainder of your borrowings until that money is paid back. Interest again varies, but it is usual to pay double figure interest which can often run to 20% or more a year.

Of course if you are sensible and simply make use of your credit card for convenience when you are shopping and pay off the full debt each month then you will be fine. However, most people do not use a credit card in this way and a high number of people make only the minimum payment every month, which is normall about 10% of the debt outstanding. But herein lies the true danger when it comes to credit card debt.

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