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WWJD: What Would Joker Do? | Why do people think having (good) credit is a "good" thing? |
Having credit means you get a purchase or loan and defer the payment. In other words, you *owe* money or whatever it is you use to pay, trade, etc.
This usually comes with some sort of interest or fee for not paying right away. And if you don't pay, things like repossession happens.
Folks, don't borrow!
There's too many people already in debt, not to mention our government which should be printing it's own money instead of private bankers making profit off it all, money all from thin air.
Anyway, the question still stands:
Why do people think credit is a "good" thing?
Additional Details
Hello people.
Nick: I think if you are good for it, then it should be alright. But don't get me wrong, I still don't approve of it. Keep reading, you'll see why.
Robert W, I agree.
ann: You got into a jam. That's what happens ever so often to people. They get more than they can afford. I'm glad you paid it off though. Credit is a good thing if you *need* it. Most people don't really *need* it. That's the problem. They think they do but they don't. And if you can pay with cash, they should do so instead of building bills.
Arpad K: The thing is, if you can pay, why have credit? And if you can't, then you can't, and don't get the things you can't.
keshequa87: No, I am not confused. Check here; credit that you can borrow and pay when you owe. As I have stated, if you can afford it then and there pay up front. If you can't, don't get it. This to me is "in a responsible manner." What do you mean you can have good credit and not owe a penny? Maybe only after you have paid... |
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heybulldog
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Because banks brainwash people into thinking that they need a high fico score to make it in todays world. Most people buy into it.
Credit cards, along with the fico score was designed by banks to get people in debt and keep them in debt.
If people would pay as they go. live on less money than they make. They would have money and would not have to worship the almighty fico.
The only time You might have to borrow money is for a home. You can do that without a fico score. It's called manual underwriting. It's not a sub pirme loan. It's the way home loans were givin' before all the fico score worship. You can get the lowest interest rates out there.
If you saved up for a good cash car. You could take what would have been your payments and put in the bank for an emergency fund. That way you wouldn't have to go out and borrow money in the event of an emergency.
You will never get ahead financially with payments.
No such thing as good debt. Debt is debt. |
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keshequa87
 |
I think you're a tad confused. Good credit means you have credit (you can borrow) and that you pay what you owe when you owe it in a responsible manner. You can have good credit and not owe a penny. Unfortunately, you're right about the fact that many people use credit irresponsibly. And it's unfortunate that good credit is necessary to do any number of things these days- like purchase a car or a home. It's unrealistic to believe that people can manage in today's world without using credit. It just needs to be used responsibly and properly. |
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kissmymiddlefinger
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Well lets see
Good credit could mean that you get a decent job as some require credit checks - working at a bank comes to mind.....
If you ever want to own a home (and stop renting or living with your parents) then good credit is a plus since most people dont have 200k in a savings account.....
Good credit means that you can own a new car
Good credit also means that your insurance rates for said car (and home) will be lower
Good credit equals maturity and fiscal responsibility and those two things compliment character |
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robert w
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it is some thing that has been sold to the under educated and mis educated folks.
all of us act at some time like spoiled brats so credit helps us get our way at a 'good price'. |
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Nick
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i just to prove that if u were to borrow then your good for it but you make a good point |
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witnessnbr1
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The biblical answer would be:
Because the sons of darkness call it GOOD. See Genesis 1.
Torah says that we are to be LENDERS, not borrowers. Yahshua said to give whatever is asked of you, following this exact same concept, being lenders not borrowers.
Personally, having learned the above, I no longer have any credit cards, paid off all my debts, and live well WITHIN my means. It is very liberating. |
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James S
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Good credit is opportunity.
Not all debt is bad debt. Debt on assets like a home is a good thing because it creates leveraged appreciation gains.
This means if you own a $100,000 house outright and the real estate market appreciates 5% in a year you only make 5% on your money.
If you own a $100,000 house and you put $10,000 down on it and paid another $10,000 in mortgage payments then you have $20,000 invested. The same 5% appreciation on your $100,000 house adds $5000 equity to your bottom line which is a 25% gain on the $20,000 you have in the deal at the time.
Regardless of the above example good credit means you will get the best rates on anything you finance. It also affects your insurance rates and affects your life in many other ways. |
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Arpad K
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credit is good as long as it within your means. An example , you travel overseas you need to pay some bills , you give them your credit card and when you get back home you take care of it. good luck
www.karpati.us |
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Chris H
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I disagree. I know people who have refinanced their house for some money to invest in stocks and mutual funds at a higher percentage rate than their mortgage interest rate. They're actually making money by being in debt.
It's just a matter of being responsible with the money you borrow. You do have to pay it off eventually, and you should never borrow outside of your means or irresponsible purchases. |
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diana a
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Because good credit allows you to get important loans for things that you can't normally save to pay cash for - home, auto etc.
But, it also effects your Insurnace rates. Bad credit = higher rates.
When i was very young I thought credit was optional. Now I learned good credit is a nessessity unless you have a lot of money burried in your back yard.
Bad credit = high interest rates if you should find someone to give you credit. So bad credit costs you a lot of your hard earned money.
2 hours ago
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http://www.bestcreditrates.net |
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ann
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I still have my first credit purchase, a set of pots, that I use just about every day. I paid something in interest. I got myself in a real jam once,or twice, but I cut my expenses down to the bone and paid it off. Credit is a good thing -- it is managing it that is the tricky part. I pretty much wouldn't have anything if it wasn't for credit. |
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