Musings on the credit industry

[archenteron]

So for those of you that may not know, I've been working as a debt collector since about August. During that timeframe, I have basically come to the following conclusion; the North American economy is currently facing an impending crisis. What is happening right now is that there is a vast array of people, particularily young people aged 19 to 40

Comments

[phyxius]

That's one of the most valuable lessons my mom ever taught me. I dont have any credit cards - only debit. I dont owe anyone anything. I hate the idea of spending money I dont have. I havent seen it, but the movie Maxed Out is a documentary about that.

[archenteron]

The really depressing part is that we've also created a society where-in credit is almost mandatory to home owner ship, or even purchasing a car, to anyone other than the ultra wealthy.

[nicosian]

i know way too many people who got a card, ran it up in weeks and ditched it.

I've never missed payments, I always pay off in full or more than the minimum, and I've got fairly decent credit ratings, tho the move and the attendant costs have probably dented it some. ( gah.)

But by the end of the year we should have gone from a yonk load of debt to just a student loan, and that is ok with me.

Debt and credit are not "eeeeevil" but people need to be responsible and understand how to use it. Credit cards are only bad if you use them irresponsibly.

[guillotina]

But if everyone was responsible with their credit cards, you might not have a job! :P

I kid, I kid.

[abitofalush]

EXACTLY

[abitofalush]

mind you, i live a pretty secure lifestyle so far so ive never used credit for an emergency/urgent situation, so im blessed.
*touches wood*

the goal right now though, [while im so lucky to not have those issues] is to build my credit so ive got more cushion for the future. yay me!

[quazar3]

I owe lots. But it is all from my education, and I think of it as an investment. Soon I will be done my MA.