At what point will people finally stop paying on their debt? The Titanic is sinking. We're headed for a world where a credit rating is irrelevant. Don't people see this? Think of all those things that you think you need credit for--a house, a car, a college education and luxury items at the shopping mall and ask yourself, is there any other way that you can get these items without credit?
A house could easily be replaced by a rented apartment or a mobile home that you could save money for. They could say that people who don't pay their bills on time would find it hard to find an apartment. But as long as I have money coming in from some kind of a job, why should a landlady care if she's looking for any tenants she can get?
What's wrong with moving closer to work, walking, a bicycle or public transportation?
I happen to think that I shouldn't have to pay for a college education. I think that it should be paid for with tax dollars.
And do you REALLY need to buy luxury items at the shopping mall?
So you see....we don't need credit to survive. All of this credit was introduced into the economy as a means to help facilitate globalization. The long credit-fueled consumer binge in the United States has helped to give billions of jobs to third world countries, but it has also perpetuated the stagnant wages that has existed in the American economy since the 1970's. We now have people in Walmart making low wages helping to sell items that are made by people...making low wages. You only get what you give. This is the future.
So stop worrying about the fine china. The Titanic is sinking and it's only a matter of time before the rumors are confirmed.
Stop trying to save your credit record because we're headed for a world where a credit rating is irrelevant. THAT is why I created this blog...to get you, the consumer-citizen, to understand that.