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@Anonymous wrote:
Just as public service announcement:
The very best thing you can do for your credit is to live within your means,pay off your debt,and build up savings.
Agree with living within ones means. Paying debt obligations is critical. Building up retirement savings is important as is setting aside an emergency fund: 6 to 12 months worth of living expenses to protection against unforseen events.
However, debt obligations are part of doing business. Key is cash flow to pay debts on time. Sometimes re-investing excess cash into a business is better than diverting the proceeds to savings.
Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |
Pair up living within the means with having a plan in the event the means go sideways.
Agreed 100%...life will be less stressful.
Does anyone else help themselves to tons of extra napkins, plastic silverware, packaged condiments, and similar items available in food courts and fast food restaurants, or is it just me?
@Anonymous wrote:Does anyone else help themselves to tons of extra napkins, plastic silverware, packaged condiments, and similar items available in food courts and fast food restaurants, or is it just me?
I do. I also help myself to toilet papers in public restrooms. People look at me funny when i walk out of the restroom with a bag full of toilet papers.
Those above that stated they purposefully take extra things from fast food restaurants or steal rolls of toilet paper from rest rooms hopefully realize their impact in the grand scheme of things. Businesses are in existence to make a profit. You taking extra things cuts into their profit and they'll find a way to get that profit back... usually through price increases to the customer, smaller or skimpy portion sizes, changing their brand of toilet paper to a cheaper, less costly one, etc. In the end, the customer isn't really winning here. Nothing in life is for free.
@Anonymous wrote:
Just as public service announcement:
The very best thing you can do for your credit is to live within your means, pay off your debt, and build up savings.
Things like never missing a payment only matter if you can afford the payment in the first place.
Resist the consumer culture impulse to buy things you don't have the money for. Credit cards are great for points, but lousy if you carry a balance.
Stay safe.
+100. I would add using a budget to help you achieve these goals. I cringe when I read the posts where people are having to get loans to pay down CC debt and I wonder if they have changed the behavior that got them in that situation.
I am currently residing overses in a country where credit is not the norm.
Most purchases are made with cash, and a lower percent of the population is debt free.
But it also has a relatively lower standard of lviing that most credit-available economiies.
It does have an impact on standard of living and ability to purchase bigger-ticket items, and thus ability to improve immediate standard of living.
However, much of the lack of use of credit stems from its very high cost, with monthly percentage rates rivaling annual rates in the US
Getting to the point as it relates to this forum, the high cost of credit results to a high degree from the lack of central credit reporting agencies and a widespread credit scoring system. Creditors cant make informed risk analysis.
Thus, assessment of risk is hit and miss, and consumers pay the price by way of very high interest rates.
It is interesting to live daily under a system that does not have a developed credit risk analysis system, and see the resulting impact in the lack of affordable credit.
Is it good? It depnds upon perspective.........