South Carolina Residents Can Now Get Free Credit Freeze

A security freeze means that your file cannot be shared with potential creditors. A security freeze can help prevent new account identity theft. Most businesses will not open credit accounts without first checking a consumer’s credit history. If your credit files are frozen, even someone who has your name and Social Security number probably would not be able to obtain credit in your name.

Under new rules that went into effect this year South Carolina residents can now place a freeze on their credit reports and temporarily unfreeze those same reports for no charge.

It is a bit cumbersome to start, but may be worth the trouble to protect your identity. To find out the steps required to place a freeze on your reports you can follow this link.

Consumers Finally Stop Spending

The Wall Street Journal reports:

"U.S. household debt, which has been growing steadily since the Federal Reserve began tracking it in 1952, declined for the first time in the third quarter of 2008. In the same quarter, U.S. consumer spending growth declined for the first time in 17 years."