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Thoughts on Credit Reports and Credit in General

I want you all to know I am ok. It has been awhile since I have posted anything, but that is only because I have been super busy with other things.

I got to thinking about Credit. When you are in debt, credit is bad. It is the root of your debt. At one time in your life, before debt, credit most likely was good. You were able to get credit when you needed it. Interest rates were low, or at least reasonable. You probably got those great offers in the mail that said, “get this card now for 0% interest for a year!” etc, etc. Credit is your friend when you do not have debt. Oh how quickly it can turn around on you though.

For instance, say you had to be off of work for an extended amount of time for, lets say, Cancer. You have insurance, so most of your doctor’s and hospital bills are paid, but what about that income you are so used to having come in on a regular basis? It may slow down or stop completely while you are off work. You may have some Short Term Disability or another type of insurance that can fill the gap, but guess what, it may take a little bit of time to establish the flow. In the meantime, you can’t pay your bills. You may miss a payment date. Do you think that your creditors care that you are late because you are off work due to a severe illness? Not really. They only care that you make your payments on time. They seem to be waiting, like vultures, for you to miss that payment date, them WHAM, they slap you with a late fee, they, in most cases, use your one time missed payment to raise your interest and, BAM, they promptly notify the credit bureaus that you are late. In no time good credit can turn to debt. Let me tell you that when it does, it may have been a short road to get there, but it is a long, long road to get back.

Yeah, I’m on that road. Will I see you there?

Thanks for stopping, come back often, stay long, leave happy.

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Posted in Debt Management, Personal Finance.

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3 Responses

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  1. Houston DJ says

    That is so true. The 0% interest cards are the worst!

    [WORDPRESS HASHCASH] The poster sent us ’0 which is not a hashcash value.

  2. Kristeen Smith says

    Hi,

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    [WORDPRESS HASHCASH] The poster sent us ’0 which is not a hashcash value.

    • freeworks says

      If you would like to be a contributor, there is a tab at the top to register on my blog. Once you are registered, I will give you permission to be a contributor. All written contributions to the blog will be approved by me first. Thank you for your interest!



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