Would you eat 31-year-old cheese?
Of course not, yet people are still relying on outdated financial information from an author whose book was published in 1992! While there were some valid points relevant to the economy at that time, things have changed since 1992, and hopefully
cell phone plans, health and life insurance, utility deposits, and even being approved for a credit card all require a credit score for the potential lender or creditor to base their decision on to extend credit. One thing that everyone will agree upon is to have savings set aside, but the truth is that 68% of the population does not due to the increased cost of living.
you are not basing your financial decisions on outdated information as well. Last week I read an article written by the man that wrote that book in 1992, and he was advising people that having open credit card accounts should be avoided! I completely disagree! In the year 2023, the quality of your credit affects your entire financial life and monthly living expenses.
Credit ratings determine where you live, and sometimes where you work, if you job requires a security background check.
This is where the responsible use and wise use of having a “emergency” credit card for life’s emergencies is a needed asset. So, let’s take the guilt off the table and agree that credit is a useful and needed financial tool to live in 2023.
For tips and responsible use of credit there is a link for the book “ Restart Credit” that will give you valuable tips to make credit work for you, and how to maintain a high credit score.
Credit ratings determine where you live, and sometimes where you work, if you job requires a security background check.
Warm wishes, Julie Comisso
Home loans, rent, car payments, car insurance ( some states)
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