HomeMy WebLinkAboutThe Citizen, 2019-02-14, Page 10PAGE 10. THE CITIZEN, THURSDAY, FEBRUARY 14, 2019.
MS –Though it’s easy to look at
the technology industry and think
this increasingly influential sector is
what makes the world go round,
something closer to the very core of
the Earth may be what’s driving your
economy.
The agricultural sector plays a
strategic role in a nation’s economic
development and prosperity. From
the earliest days, agriculture has
been heralded as playing a crucial
role in North American culture.
Farmers who grow produce and raise
livestock for meats and other
products have long exemplified what
it means to work hard and take
initiatives to be self-sufficient.
The symbiotic nature of
agriculture and the economy is
noticeable when examining the ups
and downs of each. This is because
food production and the potential of
agriculture extends beyond the fields
and local food stands.
These resources impact supply
chains and other markets. A strong
agriculture base influences other
employment sectors like food
manufacturing, biotechnology,
hospitality, machinery building, and
much more, while a weak
agricultural sector can adversely
affect those sectors.
While it can be difficult for
residents of developed nations to
visualize agriculture’s effect, one
only needs to turn to impoverished
and developing nations to see just
how big an impact agriculture can
have on an economy. Agriculture
provides food and raw materials,
eventually creating demand for
goods produced in non-agricultural
sectors. Also, food provides
nutrition that can serve as the
foundation of a healthy nation.
Earning a living in agriculture
strengthens purchasing power,
which fuels other markets.
MS –Credit is defined as a
customer obtaining services or
products before payment with the
trust that payment will be made in
the future. Credit affords people
purchasing power they would not
have if they had to pay for
something outright at the time of
checkout. In addition, credit enables
men and women to finance
expensive automobiles, buy homes
or furnish those homes, contributing
much to the foundation of a strong
economy.
A strong credit history and score is
vital to personal finance. The steps
people take concerning their
finances can greatly affect their
credit. Identifying the behaviours
that may be detrimental and those
that are beneficial can help
customers re-evaluate their habits
and improve their creditworthiness
in the eyes of lenders.
• Payment history:The financial
advisement resource Credit Karma
says one of the most important
factors affecting credit scoring is
payment history. Having a long
history of making payments on time
is essential for a strong credit score.
Missed payments and a reputation
for paying late can drive ratings
down. It can take some time to
recover from late payments. Failure
to recognize late or missed payments
may result in bankruptcy or tax
liens, which are a heavy black mark
on credit.
• Credit utilization rate:Credit
utilization refers to the amount of
credit you have available, based on
credit card limits, compared to the
amount of credit you’re actually
using by way of the balances on
credit cards, advises the credit
tracking company Experian. Lenders
prefer to see ratios of around 30 per
cent or less. To calculate credit
utilization rate, divide your credit
card balance by your credit limit. So
if your balance is $600 and your
limit is $1,000, that’s a 60 per cent
utilization rate.
• Number of accounts:The
number of open accounts you have
affects your credit score. Scoring
models often look back and consider
how many accounts are open and if
there are any outstanding balances.
• Length of credit history:The
length of your credit history is
another factor that affects your
score, according to Investopedia.
Credit scoring takes into account the
age of your oldest account, if you’ve
used that account recently, as well as
the average age of all your accounts,
including the newest. Closed
accounts can stay on your credit
report for up to 10 years, but when
an account closes, this will affect
your credit history average. Credit
scoring rubrics will determine just
how the ratio of new to old accounts
and frequency of use will impact
your score.
Credit scores are important.
Understanding them further can help
people secure their financial futures.
Agriculture’s role in economies
What’s in a credit score? A number of things
What’s your score?
Knowing what goes into your credit score is the first and most important step in knowing how
to improve it. Whether it’s payment history, credit utilization rate or the number of accounts you
have, it all goes into your credit score, which is crucial if you ever want to borrow money. (MS
photo)
Susan Alexander CFP CLU CHS • Kim Perrier FINANCIAL ADVISOR
www.sholdicefinancial.com
PEAK Investment Services Inc.
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