Is, not being able to have credit

hooters

such a bad thing?

Credit is just a way someone can screw you over, make money out of you and line their own pockets.

madmoney_2

that is so true, when ive cleared my debts i couldnt give a toss if my credit rating was bad, i dont want lenders stinking money anyway!!!

xxx

tallyhoh

I do use credit but its a seductive thing and you have to be disciplined. I am but my OH can't handle it at all. He should never go near it.

I only use it if I am desperate (rare) or its free.

madmoney_2

well once ive got the overdraft cleared i am determined never to get in debt again!!!
xx

Treading_Water

Sometimes not being able to have credit means that when you really need it you end up paying through the nose for it. I have an aquantance who deals in finding car loans for sub-prime customers - unfortunately they then end up with loan rates in excess of 30 or 40%. Actually I don't understand why they don't just tell them that they can't afford that particular car and they should either
a. stick with the car they have or
b. look for a cheaper car.
:(

madmoney_2

ha ha same here, im 25 now, and i think the time has come for me to put some money away, once the overdraft is gone im also gonna set up a dd for my sons trust fund, not sure how much yet but i get pangs of guilt when i read his little annual statement! plus its depressing to know that my 4 year old son is actually 500 quid better off than his parents!!!
xxx

honey_gem

I thought I was going to struggle without a credit card BUT I have found it alot easier to say no to things knowing I cant afford to buy it there and then. I have to save for things or ask for it as a present at my birthday or Christmas.

I now also ask myself - Do I really need this? or Do I just want it!

In answer to the Question - not being able to have credit is a good thing, it makes you appreciate what you have.

skint_spice

Though I agree for most credit I wouldn't like to not have the option of getting a mortgage. In the first 3 years of having it I've paid £5000 off it and still the mortgage is cheaper than renting would be in my area.
Once out of CC debt I don't intend going back though.

keith_lard

My credit rating is gone, and I dont care!

Having reading the news more and more I do wonder if the banks want so many of us with perfect accounts (they dont earn them much!)
When you have a bad credit rating they can place a APR of 30% on you (mega bucks for them!)

makes you think eh?:eek: :eek: :eek: :eek:

fermi

I don't have much of a choice since I declared myself bankrupt 10 months ago.:o

However I now budget within my means for the things I really need rather than simply want. That in itself is a very enlightening experience.

Problems do come up with with unexpected large expenses every so often. Where before these would have been covered by credit, I am now forced to save for these possible eventualities, and the simple fact that I can now meet most of them without having to resort to a Credit Card is very satisfying.

I'm not against credit, since if it is properly used and responsibly lent it can be a good thing. However, it is all to easy to become unstuck.

rog2

keith_lard wrote: »

My credit rating is gone, and I dont care!

When you have a bad credit rating they can place a APR of 30% on you (mega bucks for them!)

makes you think eh?:eek: :eek: :eek: :eek:

It CERTAINLY makes you think - if they can earn 30+% from a 'bad risk' when they earn less than 10% from mainstream borrowers, then we 'bad risks' suddenly become very attractive propositions. Since creditors are driven purely by greed, then small wonder there is a 'debt problem' that is threatening the financial stability of the country.
Like fermi, the avenue of credit is closed to me - other than those 'vultures' that promise the earth, charge exorbitant interest and come down heaviest when the debtor encounters problems.
There are times when I would welcome credit facilities, but I am dammed if I'm going to line the pockets of 'legalised loan sharks.'