If you are financial sound individual credit helps being approved for big purchases like houses, boats and cars. Perhaps you have the liquid money, but you earn more with investments compared to the interest paid on your offenses. What is the deal for those on the opposite side of the fence?
There’s just a small fraction of our population mentioned previously, the remainder are the working poor struggling to make ends meet. Credit is like a catch 22 for all those folks because without it they are doomed, but it’s a temporary fix. At the end of the day these people are becoming financially raped by their underwhelming salary, exceptionally substantial inflation, and unreasonable taxation. To survive they should use their credit cards and lines to get basics like food. After awhile the interest and minimal payments become too much for them to deal with. I imagine that the interest’s prices on credit cards are so high to subsidize when clients can not pay anymore.
I feel the government is placing a band-aid on anther already terrific depression. They are using the working poor to support themselves, and the small proportion of these wealthy already. That’s the reason they are allowing financial institutes to supply those working poor with credit. It retains the rich getting richer, and the poor becoming poorer. The actual situation here is people have lost hope, never presuming they’re going to save enough money for items they want. The price of things is no longer the significant factor, it’s all about monthly credit payments. These folks also know that should they do end-up bankrupt the government can not take away certain items bought on credit.
My concept of credit isn’t to live on but build with. I can guarantee if the working poor made more they would not be so motivated to buy credit. Credit is good for those who have cash, but in the future it hurts those trying to get by. Perhaps it’s time for elected officials to produce an economic plan that is appropriate for all. Their greed is impacting the well-being of the majority of their citizens.
I say let us make money king again! This hyperlink will take you to a cool website.