Credit Scoring Expert speaks candidly about his personal growth and asks respected writers to share content to help others improve their life.

In today’s tight market, everyone needs to do his part to restore the economy. As founder of 7 Steps to 720, my commitment has always been on helping consumers take control of their financial futures and credit scores. I think credit card companies should join the cause and start being more transparent about the trickle-down effects of their practices. For instance, credit card companies send glossy advertisements letting you know that you can transfer your balance to their credit card and enjoy a 0 percent interest rate for a year. Sounds like a great deal, right? Here’s what they don’t tell you: most credit card companies will determine your balance on the new card by the amount you are transferring. If you are transferring $3,000, they give you a $3,000 limit. This means your utilization rate (your balance as a percentage of your limit) is 100 percent! And remember, the higher your utilization rate is, the lower your credit score. You might think you are helping your pocketbook by taking advantage of these offers, but you aren’t. Your credit score drops, as does your ability to secure loans at low interest rates. The more you pay in interest, the fewer dollars you have, and the less impact you will have on the economy. I think credit card companies have a right to charge fees and earn money. However, I also believe that a company that does things that indirectly affects the rights of its clients should be punished. Thus, why I believe we should all participate collaboratively in the fight to restore our economy, and that means full disclosure on the part of credit card companies.