CREDIT Good? or Bad?
By Arkie69
@Arkie69 (2156)
United States
3 responses
@guybrush (4658)
• Australia
1 Oct 08
Credit is only good if you have the money in the bank to cover it! My husband and I both have credit cards for emergencies - like when you go to the dentist and don't know what the bill will be. It's also handy if you're out somewhere and want to buy something but are not near an ATM. We always pay the entire amount when the bill comes, so we've never been caught out with high interest rates. I think it's very sad that young people are enticed into using credit cards and purchasing things on those 'buy now, pay in a year' schemes. Many people in Australia are in terrible debt because of having multiple credit cards and not using them wisely - and although it's their own fault, I think banks are unconscionable to keep giving people more and more credit without checking their ability to repay. Our son took out a personal loan to buy a car, even though we wanted him to borrow from us with no interest - and I was appalled the bank allowed him to do it. He was 19 at the time, and earning a very small wage in the first year of his apprenticeship.
1 person likes this
@Arkie69 (2156)
• United States
1 Oct 08
Thanks for a good reply. I also believe very limited credit is fine. If you can do it without paying interest and don't borrow more than you can quickly repay. There are a lot of young and old in the US that are way over loaded with credit card debt. Also huge auto loans.
However I do not believe anyone should be in the "Credit Business". It is too tempting to cheat and take advantage of people that already have more problems than they need. It also causes economy's to crash like we are looking at right now. If our government don't start doing their job and policing these large lenders we have had it. We will never get a better chance to teach these people it isn't healthy do like they are. You let a bunch of them fall by the way side and the others should get the message.
@IrishRose23 (542)
• United States
1 Oct 08
Well, it depends on what kind of credit. Are you talking about credit cards or are you talking about a credit score?
@hellcowboy (7374)
• United States
2 Oct 08
I think credit can be a good or bad thing depending on how you use it,if you do everything you can to establish good credit than it is a good thing because it makes you look good when you try to get loans and stuff,but if you have bad credit I think it is a bad thing,especially if it is not your fault you have bad credit,and it causes really good people to not be able to get loans for cars and houses and credit cards are a waste of time in my opinion.
