Nothing but credit Welcome back to my blog! - When I came here six years ago, I was advised right from the get- go that I had better apply for my first credit card and gradually build up my credit by eventually adding two more cards. I was confused to say the least, as I had not been in need of such at all all those many years before. You see, in my country, you don't just apply for a credit card out of the blue and get it without a background check. The latter one does not just look into your credit rating but also focuses onto your work status. Unless you have held a job for a considerable time, you won't even be offered the option to apply. Here though the clocks seem to be ticking differently.
I checked some occupation on the application form and technically committed fraud.
Never mind, since nobody seems to really care if I am employed or not, I have been able to gather three credit cards without any further ado. Great, and now what, one might seriously wonder.
Well, as my credit score is a fairly good one, the credit limits altogether are scarily sky- rocketing considering the fact that I have never spent a lot of non- tangible money on anything bigger than a one- time three- year car payment. And that's exactly where the crux lies with plastic card money. Regardless of their financial and otherwise credibility, in this country anyone can apply and will quite likely be sent their credit cards in the mail. Anyone no matter if they work or not, or if they can truly afford maintaining another card or not. Sure enough, with those whose score is below average or worse, the credit line itself is correspondingly moderately set, but because nobody puts a stop to them applying for more cards at once, they too may collect quite a decent pool of loaned money. What is supposed to boost the economy, kills it in the end. True, money is constantly transferred by the banks, however, more and more people will end up in debts that are no longer manageable.
If you don't pay a certain minimum on your payments on time every month, you will be confronted with all the nasty sides of this oh so tempting fast- money business. By law the fine print has to clearly reveal all possible traps, but since it is usually all in small print, seriously who reads about all those conditions? So, as a matter of fact, if you are not ahead of your game - more like a rat race really, you will fail, and then you will be punished with late payment fees, or should I rather say fines, which in the end affects your credit score. And I haven't even lost one word about those outrageous interest fees yet. At that point, it does not matter anymore if it is just 19 or 23% since it is all completely out of whack. The sad thing here is, you cannot just tell the people to stay away from using credit cards because without credit cards they are basically nude nobodies who will never get their fat share of the big cake.
I checked some occupation on the application form and technically committed fraud.
Never mind, since nobody seems to really care if I am employed or not, I have been able to gather three credit cards without any further ado. Great, and now what, one might seriously wonder.
Well, as my credit score is a fairly good one, the credit limits altogether are scarily sky- rocketing considering the fact that I have never spent a lot of non- tangible money on anything bigger than a one- time three- year car payment. And that's exactly where the crux lies with plastic card money. Regardless of their financial and otherwise credibility, in this country anyone can apply and will quite likely be sent their credit cards in the mail. Anyone no matter if they work or not, or if they can truly afford maintaining another card or not. Sure enough, with those whose score is below average or worse, the credit line itself is correspondingly moderately set, but because nobody puts a stop to them applying for more cards at once, they too may collect quite a decent pool of loaned money. What is supposed to boost the economy, kills it in the end. True, money is constantly transferred by the banks, however, more and more people will end up in debts that are no longer manageable.
If you don't pay a certain minimum on your payments on time every month, you will be confronted with all the nasty sides of this oh so tempting fast- money business. By law the fine print has to clearly reveal all possible traps, but since it is usually all in small print, seriously who reads about all those conditions? So, as a matter of fact, if you are not ahead of your game - more like a rat race really, you will fail, and then you will be punished with late payment fees, or should I rather say fines, which in the end affects your credit score. And I haven't even lost one word about those outrageous interest fees yet. At that point, it does not matter anymore if it is just 19 or 23% since it is all completely out of whack. The sad thing here is, you cannot just tell the people to stay away from using credit cards because without credit cards they are basically nude nobodies who will never get their fat share of the big cake.
Very good .
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