posted on Jan, 28 2011 @ 01:03 AM
Aside from the whole "all debts public and private" issue, what about people who don't have credit or debit cards? I know it is probably uncommon
to encounter that, but that was my situation for a while when I was in my late teens through my mid 20's.
Back when I was in college I got one of those low limit credit card offers (the ones that have a really high interest rate and a limit of $200 to
$300) and, not knowing much about how they worked, I signed up and got my card. I then used it for food and little things here and there and then
when the place where I was working cut a bunch of positions, I was one of those cut from the job. I couldn't pay, got way behind on my payments, and
it got to where I owed a huge amount (about $4500) just on late fees and interest. Eventually I got it paid off, but not before I had trashed my
credit. Not long after getting the card paid off (finally), I went to open a bank account and the bank ran a credit check on me and said that due to
my credit score I could not open an account with them. This happened at three more banks, as well.
So, until I got married and was able to be added onto my husband's bank account, I couldn't find a bank who would have me. We got my credit rating
cleaned up and are very careful about it now, but for a handful of years I didn't have a credit card or a bank account. I had to pay everything by
cash or money order/cashier's check. It taught me a lot about not spending beyond my means and that if I can't pay for it with what I have on hand,
to wait until I can.
I do understand that this was quite a while ago, around '95-'96, and maybe banks have changed the practice of not opening accounts for people who
have bad credit, but it is entirely possible to be in a position where you can't pay by credit or debit card and what the heck does this city expect
someone in that situation to do?