don't need the bank for real?????

@wiguen (551)
United States
August 16, 2011 10:54pm CST
I was talking to one of my co-worker about some ways she can improve her credit and have a comfortable life, cause here in the states if your credit is bad or you don't have credit you got trouble and also if you don't manage you bills and credit cards the proper way you going deep down in debts. when i told her the main way the buy an house is to have a great credit score and some saving, she reply to me by saying that she doesn't need the bank at all. that was strange to me cause how someone is going to save 100 000 us dollars with the job she has? at least to live comfortable i know you need that kind of money to buy a decent house with hard wood floor, and good kitchen, and some nice bedroom, and even 100000 its hard to find that kind of place. believe it or not, like it or not we need banks and credits, cause the economy is not that great anymore, that's mean people are more reliable to go bankrupt.
1 person likes this
7 responses
• Indonesia
17 Aug 11
This Is not A weird things if on my country, even they can Store they Money under their pillow. Weird huh? but This is not weird o my country, Especially on the Deep village. for the people who live in town like Me of course we need bank, but we can understand for the villagers.
1 person likes this
@wiguen (551)
• United States
17 Aug 11
i understand that friend, but here its weird if you live here. I am pretty sure that in your country you don't fallow a system of credit.
• Indonesia
17 Aug 11
the credit system only applying by the rich people. for moderate people like me, it's not.
@Fireheart (683)
• India
17 Aug 11
Am not so sure the saving require lot of money that we daily spend on everything, so how is she gonna save that much amount the only way i see it that she have to cut spending on things now and scarifies few things in life, i think bank would be the best option to go buy a house, its fast in way and that we can pay that amount later half by half, if all people go without bank normally as you said bank people would be in jeopardy.
1 person likes this
@wiguen (551)
• United States
17 Aug 11
she claim that the banks are taking advantage of us, but what she never know is that with her 401k she already given her money to investors so why don't take full advantage of the fact that you can buy now and pay later. example today i bought something expensive that i couldn't just pay cash, and the good thing about it is tha my first payment is for October, i get a month free of charges.
17 Aug 11
i gree with you that we need banks! but i dont really agree that we need credit! i got myself into a lot of debt with credit cards and catalogues and loans and stuff, and i wish i'd never done it.. i wish i had of been sensible and just saved up the money.. i understand people need credit for a mortgage on a house, but thats with the bank.. so if its credit with the bank, then ok.. but anything else, like credit cards and stuff.. i think they should be banned!
@wiguen (551)
• United States
18 Aug 11
we do need credit friend, its different if we don't know how to manage our credit, as i say if you don't manage it you are in trouble. i have been in credit for long time i never have problem cause i know even if its credit at some point i have to pay it back and keep my balance low. creditors trick you by saying that you can pay a minimum of what you ow, and that's when the interest goes high that's what bad about it. self control is the key.
1 person likes this
18 Aug 11
but WHY do you need credit? if you want something, why can't you just save for it, instead of taking out credit and then paying it back over months and months, why don't you just SAVE for a few months in the first place?
@JasperTore (1317)
• Philippines
18 Aug 11
I think having a credit card is a problem specially if your not using it properly. The mindset of an individual if he/she has a credit card is to spend and spend money. Its easy since you don't have to pay it right away. But the thing there is you are being trap in the rat race. Once you entered the rat race its difficult to get out. I believe in your co-worker who doesn't need a bank to save money. Maybe she is investing it to a reliable investment like bonds, stocks etc. Also, since she doesn't have a credit card she is not oblige to buy and buy things she doesn't need. She is very practical and I like it.
@wiguen (551)
• United States
18 Aug 11
bonds and stock are more dangerous cause you can wake up and find out you lost everything.
@toniganzon (49185)
• Philippines
17 Aug 11
Wow, can't believe that there are still people who don't need a bank. Is she for real? How can she save up without a bank. It's not like she's living in the mountains.
@wiguen (551)
• United States
17 Aug 11
I was as surprise as you are dear, this is unbelievable.
31 Mar 12
Maybe she uses a Credit Union instead of a bank or even a Community Bank.
• United States
15 Nov 11
yep you gotta have a bank account and a few credit cards that dont have much if anything on them but that you use once in awhile to build credit or repair credit. some credit cards if you mess up on them it will be 10 years before they will wipe it from your record (chase) and if you close the account before that it will always hurt your credit.. trying to have and keep a good credit score is like dancing with the devil now a days