Discipline key to climbing the mountain
Published: Saturday, Sept. 22 2012 1:00 p.m. MDT
I find this more of a blessing than a problem. Is there a law about having a
certain credit score? Can we be put in prison if we violate some credit
number?The 25% are the lucky and smart ones, they get to keep all
their incomes and not share any of it with the creditors. This story makes it
sound like you are committing a crime if you don't have a lot of debt, and
the banks want it that way.It's been so long since I have seen
or been told by credit score that I don't even know if I have one.Credit and debt are the enemy of the economy and every one should strive for a
score of 600 or less so they aren't tempted to use it or get a credit card.
Over and above the interest cost, its likely that every one is paying the banks
25% or their after tax incomes to the banks to spend their own money. Want a 25%
pay raise for yourself? Cancel all your credit and debit cards. A sound economy
is without debt and cash buys everything you need for less.
This article is the most ridiculous article! It is so sad that as a country we
buy into the credit score. It doesn't measure your net worth all it
measures is your ability to pay back debt. It teaches us that we MUST borrow
money and pay it back to "earn" this so called number so we can yet
borrow more and be slave to the lender. Mortgage companies can do actually
underwriting instead of relying on this number that really doesn't say
much. I want a zero score but with a mortgage that will be years away. That is
our ONLY debt. We have no credit cards or other debt and savings in the bank.
That should merit a decent score but it doesn't as it says we don't
have enough accounts open! as for the quote "Those with FICO scores below
500 may want to consider contacting a professional to help improve their
standing." Really? Let's pay for a service to tell us how to borrow
money and go into debt so we can worship the FICO!
I don't feel sorry for the lady in the story. They bought more house than
they could afford, had to have a shiny new truck and camper trailer, and
everything else to keep up with the Joneses.It should be possible to
fix those giant credit mistakes, but it definitely should NOT be quick or easy.
If it were, they'd be right out there doing the same thing all over again.
And if it were, it would essentially penalize those of us who don't bite
off more than we can chew.
The 25% with lousy credit ratings would improve their lives immensely if they
just turned on the radio and listened to common sense and plain talking folks
like Dave Ramsey or Clark Howard, who can teach them how to avoid doing stupid
things and ending up deep in debt.Of course, it used to be that
schools taught that as part of economics or home economics, but now high school
graduates cannot balance a checkbook or fill out a job application.The biggest lesson is: if you do not have the money to pay for something you
want, do not buy it. If you really need it, then save up until you have enough
to buy it.
It was Michael Jackson who proved that you can always spend more money than you
make if you really put your mind to it. If I see something that I want, and if
I don't have the cash to buy it I wait until I have saved the money
required.I never pay a single penny in interest, and the money other
people throw away paying interest on their debts is money I save each month for
that toy I really want .... but don't need.
Where were the parents of this young couple when they were buying everything
they saw? Where was the financial sense, even if they DID think everything was
going to be fine? As for the benefit of my credit rating, I just shaved 1/3 off
my mortgage by refinancing. 1/3! Now I can put that large sum of money toward
my savings and eventually I can buy that truck I've wanted. 16 years out
of college and I'm ALMOST ready to buy what I want.
Newsflash! Not all people who have credit cards are irresponsible. I have one
that I charge almost everything to, then I pay it off every other week. I have
never been charged interest, have a great credit score and get a pretty good
chunk of change every year as a reward for using the card. I was able to get a
great interest rate on my house because of my credit score. I am financially
responsible and don't even have to pay Dave Ramsey to tell me how!
I thought the rich would share some of the wealth with us? I thought trickle
down economics worked?This article is just further proof that these
GOP sponsored policies aren't working. Americans are having to get deep
into debt to make ends meet while the rich make record profits.
It's hard to feel sorry for someone sitting in a 270,000 dollar home with
trailer and truck, while I sweat about a new roof for my 70,000 dollar 3 bedroom
house in downtown Ogden...
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