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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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Bad credit debt has become rampant in this country, as many debtors fail to make good on their promises and abuse their purchasing power. It’s no wonder, then, that credit card debt reduction has become a multi-billion-dollar industry. What most Americans don’t know is that they can repair credit history and right their wrongs on their own. The first step is to honestly assess your situation by tallying all the incoming income and all the outgoing fixed/variable expenses. If your earnings are less than your expenses, then you have serious problems that may require a full restructuring of your life. Do you have a gas-guzzling SUV or an electricity-sucking air conditioner running all the time? You’ll likely have to sell any “money-pit items” and down-size your life a little bit. Hold a garage sale, move to a smaller place, conserve energy, shop around for better prices on medicine and opt for the bare bones cell phone/cable plans.

Secondly, you should begin paying down your debts to repair credit history. This won’t make as great an impact as paying monthly bills on time, but it certainly helps. Begin by figuring out how much disposable income you’ll have toward paying down your debt by subtracting your fixed monthly expenses from your income. Pay your mortgage and utilities in full. Then pay all your minimum monthly payments on your credit cards, throwing all spare cash to the highest interest rate card. Once you’ve paid down that debt, use all your spare cash to pay off the next highest interest rate. Before you know it, you’ll see substantial credit card debt reduction.

The third way to repair credit history is to start a fresh history of good credit. A leading credit repair Attorney says that a healthy credit portfolio includes both the unsecured credit card and secured loans, like a home equity, student loan, mortgage or auto loan. On average, most people have a couple of credit cards they use regularly. Your balance should never be more than thirty percent of the maximum credit offered and should be paid in full and of course, on time each month. While past mistakes will remain on your credit file for seven years, the good news is that the past 48 months carry the most weight, so within a year you’ll see large improvements if you keep up with all your payments. Some people take out self-financed loans by taking $1,000 out of their savings and repaying themselves each month, while the bank reports all these timely payments as good credit history to the bureaus.

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We all need a little extra money from time to time to cover something that has happened quite by accident but that doesn’t mean that the only option available is arranging a personal loan. To get over this short term financial situation, a ‘payday loan‘ can be arranged which until recently normally require a bank checking account to arrange. Some people are still confused about how it works but it isn′t at all complicated and this is one of the reasons it is popular.

It could be that something important has happened requiring some emergency funding but not enough to warrant a loan. In these cases, you don’t need a large loan and you can repay the amount as soon as your paycheck comes in and this is where the payday loan comes in. Quite simply, you arrange with a lender to forward a small amount of money which is normally restricted to less than a 1,000 dollars, into your bank account where it becomes available for use immediately but is paid back in full on the day you are paid plus any interest that has been agreed upon.

Another benefit of payday loan is that you do not have to move from one place to another to get this type of loan as today you can easily find lenders on the internet. The online application should only take a matter of minutes and the funds can be transferred to your bank account directly. A few years ago, it was impossible to get a payday loan if you had no checking account as a checking account was the lender’s way to ensure that the crediting and depositing of the money was done without any problems.

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