posted on Oct, 27 2007 @ 05:41 PM
First Off-
Credit Is an Option, your not forced into it. You chose to take a loan. You also sign a contract.
Your obligated to hold up your end of the bargain, and so is the lender. You agreed to the amount, and the repayment terms, you know you did... you
signed all those papers remember? The lender also holds true to their end of the deal.....
GIVING YOU MONEY THAT’S NOT YOURS!
No matter where the money comes from, it's still not yours, and your using it to buy things you can't afford.
Well you got what you wanted didn't you? Instant gratification. That part is fine isn't it, you got that big new house, that shinny car, that giant
60 inch plasma tv. Why shouldn't you, everyone else has one, so should you. In fact you deserve it! Right?
WRONG,
Fact is you don't deserve anything- Your living outside of your means, What do you say you can make the payments? Well when you struggle and miss
some payments, do you somehow feel that you shouldn’t be held responsible for your actions? Losing your job or whatever life crisis your in is a
poor excuse. That’s called life.
Remember your borrowing someone else's money to buy things you can't afford yourself. Then working in and endless circle to make those small
payments on your ever increasing balances.
Anyone lending you money should be worried. Here they are counting on you to repay a large amount of money that you don't have. And everyone alive
that stands on there own two feet knows problems in life come up. If your so tightly strapped by payments, living "paycheck to paycheck" is the
frequent term, that you haven't saved or planned ahead for the unexpected it is entirely your own fault.
Take blame, everyone wants to make the other guy the bad guy.
There's always risks involved, they’ve made a big risk trusting you to repay on time, and you made a big risk by obligating yourself to these large
monthly payments. By your own choice-
Now you missed payments, multiple payments. 30, 60, and 90 days past due are the marks, lowering your "rating" farther each bracket you get into.
Guess what? Remember that contract you signed? Remember all that money the lender gave to you? That nice house that shinny car, that crazy big tv you
had to have. Yeah they want there money. On time, every month, you know, like you agreed to when you signed the contract. Is that to much to ask?
Well your score is now in the toilet. You defaulted 30, 60, 90 days on your loan. Yes, yes you repaid the loan! But you still screwed them. You paid
on time for 4 years, you screw them- yet you repaid your balance should they forget you broke your end of the deal? It's only one time you say but
every other time I was good. Well now your a bigger risk. Don't worry, 24months out negative effects from late payments would make up less percentage
of loss in your score. They look back all the way, but the recent history determines a larger effect of the score. In terms of your history, 4 years
in itself is very little history. Besides, at some point one of the things you should strive for is to not worry about your credit, not needing to
borrow anything from anyone.
Remember your credit score is only important if your trying to obtain things you don’t have the money for.
I try to look at things at face value. This attitude is how I look at myself. I'm 26, and in debt, 3 mortgages, car payment, quad, credit cards etc..
the whole bunch. I make 70 a year and most of it goes towards repaying loans. I owe $290,000..... it makes me sick.
But the positive aspect is were young enough to realize the game, and the "rat race" and do your best to stay out of it, or if your in it like me,
plan, and do your best to get out of it!
Live in your means, paydown your debt one by one, save some of your paycheck, expect the worse to happen. I think everyone knows that some bad times
are ahead.