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Originally Posted by 1969 SS
people that aren't rich NEED credit. there is no such thing as not needing credit. I learned (am still learning) the hard way. I have about 6 or 7 credit cards.
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I have to take issue with your statement. I am more inclined to think people that aren't rich need less credit. Most middle class to lower people use credit to purchase things they cannot afford to buy with cash. Hence there is NOT a NEED for credit. A home while nice to have is not a neccessity. And yet you can buy a home with higher interest rate, or higher down payment or puchase down points, or many other means to get a home. And with timely payments over a few years you can refi or pay down your mortgage earlier negating much of the interest no matter the rate.
Cash forces you to live within your means. Credit allows you the freedom to ruin everything.
Quote:
Originally Posted by Vegas69
Credit means more now than it ever has, and I'll prove it to you. Anybody could get a loan 3 years ago. It made sense to everybody. Now, you better be iron clad to stand a chance. I can't disagreee. Money was waaaaaaay to looose.
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And here again. I know a few small business owners with "iron clad" credit that cannot get increases or more credit to grow their business's. Banks and business are withdrawn and holding their credit and reserves because of the uncertain future. Remember a lot of that bailout money was supposed to be passed down to business to continue the business of business. That didn't happen.