If you think that only common men struggle to manage their credit properly, you may be surprised to know that credit management woes are something that has not spared even the most famous personalities. When we say famous personalities, the list is not just limited to celebrity actors, musicians, singers or business tycoons or industrialists, but it also has some of the most revered US Presidents. In this post, we will talk about three famous US presidents, who had their own share of credit woes.
Thomas Jefferson
Thomas Jefferson was the 3rd US President (1801-1809), the American Founding Father, a proven architect, a skilled writer, and correspondent. He was also one of the key contributors in drafting the ‘The Declaration of Independence.’ Besides, he mastered various disciplines ranging from mathematics, horticulture to inventions. Despite his vast knowledge and expertise in a wide range of subjects, he was not an exemplary figure when it comes to credit management. Historians, however, historians claim it wasn’t Jefferson’s fault completely, rather he was a victim of unfortunate situations. During his presidential tenure, he got the burden of debts owed by his father-in-law to the British creditors. Later, he made another mistake of co-signing a loan for his grandson’s father-in-law. Both these decisions cost him heavily, and when he died, he left an accumulated debt amount of $100,000.
Ulysses S. Grant
The 18th US President (1869-1877), Ulysses S. Grant first rose to prominence as the Commanding General of the US Army during the tenure of the then President, Abraham Lincoln. While he was able to lead his troops to victory during the American Civil War, one of the major reasons he was later elected as the US President, he failed to resolve his credit issues and ended up being declared bankrupt. His finances were always a problem and in a dismal state most of the times. One major mistake he committed was investing all his life savings into a business venture that badly failed. He was cheated by one of his business partners. However, during his last days, he turned to writing that eventually got half-a-million dollars for his family.
Harry S. Truman
The 33rd US President (1945-1953) is known to the world as the President, who ordered dropping the atomic bomb on Hiroshima and Nagasaki during World War II. The haberdashery, he opened with a friend didn’t do well, and it went bankrupt in less than three years, and they had to keep paying for a decade to settle the related debts. In fact, Truman’s financial status was so stressed that he had to live with his wife in her mother’s home. Even after his presidential tenure, he went back to his mother-in-law’s home to live there with his wife. The only income was the army pension that he received and the money he made by selling the property he inherited from his mother.
Conclusion
Unfortunate but true, credit has nothing to do with how well you are faring in the other walks of your life. Most of the credit issues occur because people fail to keep a track of their finances or end up taking unplanned decisions. If you are facing a similar debt-related situation and need help to repair a bad credit score, conduct a comprehensive research before hiring the services of a credit repair firm. Research is a must because there are more than a few companies that make tall claims of helping repair bad credit issues, but there are very few who actually know how to and can help you with your credit woes.
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