This entry was posted on Thursday, April 12th, 2007 at 11:50 am and is filed under Mo' Money. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
credit crazy
I’m all about using credit, loans, and money wisely. I used it the wrong way for so many years, and now I only use it correctly - go me! Someone give this girl a cookie.
It’s really easy (too easy, in fact) to get a charge card and charge up a mountain of debt in a matter of minutes. Have you ever seen people in the mall, or at sporting events offering free t-shirts or other swag, in return for applying for a credit card? How many people sign up for one, just to get something for free? You’re paying for that umbrella, or t-shirt, or whatever it is, for years to come in the form of interest and fees. If you can keep your good credit, but you still want to get out from under your mountain of bills, you may qualify for a debt consolidation loan. All too often though, by the time you realize it’s time to check into secured loans to pay off your debt, your credit rating is already in the toilet, and you can’t get a loan to save your life.
Why is our society so crazy for credit? Our parents worked for years and years, and probably only took out personal loans to buy a house or some other big ticket item. 40 years ago, even 30 years ago, people didn’t buy ANYTHING on credit. Or even with Loans! If you couldn’t afford it, you didn’t get it. There was no being upside down on car loans, or financing a meal at McDonalds with your credit card. And I think we were better off for it.
4 Responses to “credit crazy”
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April 14th, 2007 at 12:26 pm
credit cards are so powerful if you treat them as cash. It’s almost like instant discount if you’ve got a good cashback card and much safer than carrying around tons of cash when you’re making a big purchase.
April 14th, 2007 at 9:08 pm
P.S. have you got an RSS feed?
April 15th, 2007 at 9:48 am
Charge cards add a lot to your buying power, but can be misused very easily.
You are absolutely right!
– Scot
April 15th, 2007 at 7:19 pm
I’ve tagged your blog under the DoFollow meme