In a recent interview with the Staten Island Advance, Ralph Branca, CEO and president of Victory State Bank, discussess the dangers of relying on credit cards to survive in hard econmic times.

‘In such a tough economy, relying on credit cards to get by isn’t going to help for very long, if at all,’ writes Advance journalist Howard W. Siner.

“That’s a dangerous game — especially with loan rates on the good end at about 10 to 12 percent and on the high end from 23 to 24 percent,” says Ralph Branca, CEO and president of Staten Island-based Victory State Bank.

Branca cautions that a good personal credit history is crucial for obtaining reasonable terms both on loans that are non-revolving (for mortgages, cars, college, etc.) or revolving (credit-card accounts).

He says: “Knowing and comprehending your credit score is an essential component of financial well-being.”  Read entire article: ‘No end in sight to lingering debt crisis’