posted on Mar, 3 2013 @ 03:24 PM
Originally posted by Wrabbit2000
Well, thanks for the economics there and credit is simply the representation of ability to TAKE ON DEBT. Not debt itself, of course. However, to build
a credit score, you must handle and responsibly repay debt. One does require the other and over extended periods of time.
To have a credit score--specifically a FICO score, I do not know about PLUS, Vantage, TransRisk, etc.--does not require one to have debt. It requires
one to have a certain amount of credit history and recent activity (e.g., opening a new account). You can get that without ever having any debt. You
won't max it out without some utilization and a mortgage in the mix, but you'll have a score.
After being sufficiently burned to realize the level of pure scam it is to spend other people's money so I can pay them even more for having
something I couldn't afford in the first place,
That's not a scam. That's foolish spending that you later regretted. Your lender didn't force you to buy things you couldn't afford with their
money. They didn't trick you, send you a false credit card agreement, or promise something they couldn't deliver. They gave you a set of terms,
which you accepted, and you made use of their services. You didn't like how that turned out, and now you are accusing them of "scamming" you.
Debit cards are impossible to avoid...
Fortunately, I've been very successful at avoiding them. I have one locked up at home. I could just as easily shred it. It does nothing for me, its
existence puts my checking account balance at risk, and its legal protections are inferior to those of a credit card.
Debit cards are dangerous.
Rich people didn't get rich by using credit.
You've never heard of someone borrowing money to start a successful business or professional career?
Choosing to play the debt game, especially with the near predatory terms it comes with these days, is just being a willing part of the game
making the rich ever richer by your own hard work.
I'm far from rich, but I am made richer by playing the "debt game." I make money on rewards and float for consuming the same amount of goods and
services I would with cash. I also get free warranty extensions, price matching, etc. Card issuers pay me to use their products. So who is making them
(and me) richer? The merchants who pay merchant fees--more pointedly, their customers who pay cash--and the poor fools who pay interest. I guess that
makes me one of the predators. I'm okay with that.
A question for the no-credit people: I go to a restaurant. I sit down and order a hamburger. Over the next hour, I eat my burger. Then I pay the bill
and leave. I am not charged interest for the hour between my first bite and the moment I settle the bill. Was I in debt to the restaurant for an hour?