Let’s talk about credit scores…we are all supposed to strive for a good credit rating in order to be able to buy “stuff” on credit.  It doesn’t matter that we might not be able to pay for it in full next month, twelve months or even twenty-four minimum or not so minimum payments later.  We slide that treasured plastic rectangle, and keep making those on-time payments to keep our credit scores top high, so we can buy more things that we can’t really afford.  What bill of goods have we been sold?  Is this paradigm really going to continue working with today’s economics? 

The nation’s unemployment rate is racing toward 10%, foreclosures abound, people are walking away from mortgage debt and student loans. When you owe more on your home than what it is worth, and when you will never be able to pay off your student loan– it just don’t make sense to keep throwing money at a problem that’s never going to resolve.  So good credit scores are going out the window with the baby and the bath water.  

My grandparents didn’t use credit.  They used cash.  If they didn’t have the cash, they didn’t get the thing.  Is it true that the more material things we have around us, the less we have to think about who we truly are (on the inside)?  American society seems to  assign value to things.  People then assign great value to others who have a lot of very very expensive things.  What happened to assigning great value to someone with a wonderful character and personality?  But that is another blog post. 

There are so many variables that are causing credit scores to degenerate.  With little to no credit, we’ll have to go back to buying with cash.  Cash used to be king, and cash will return once again to reclaim its throne.

P.S.  Article of Interest by AnnaMaria Andriotis: Credit Scores: How 720 Became the New 680

0 Be the 1st to recommend