why are people "allowed" to continue bad credit practices...until it is time to buy a home...and they find out they cant get a proper loan anymore?
this would appear to be a systematic problem, not just a matter of personal finances...who is resposible bad credit...?
2007-08-01 05:05:00 · 8 answers · asked by Sopwith 4 in Business & Finance ➔ Credit
"bad credit practices" make the credit card companies money! They don't care if everyone is in debt, their interest just keeps adding up and people keep making little payments but never paying it off...
2007-08-01 05:17:16 · answer #1 · answered by MC 4 · 1⤊ 0⤋
No one is responsible for having bad credit than the card holder themselves. Discipline is the key. Don't buy if you don't have the money to pay back in a month or two. Some people rely on future earnings when they're not earning any money at the present time.
It's not credit card companies that cause problems. It's people who are irresponsible and lack of discipline. Not because people selling drugs, doesn't mean we have to do drugs.
As someone mentioned, financial responsibility should be taught in high school. I have lots of people calling me and asking how to use the credit card. I thought it's just common sense. You use it, you pay when the bill comes but there are some people still don't understand how credit cards work and how to pay their bills..
2007-08-01 05:26:54 · answer #2 · answered by Anonymous · 0⤊ 0⤋
bad credit is caused by
having the ability to owe more than you earn. So if you have a bunch of credit cards (even if the balances are 0) there's still available credit if you wanted to use it.
having a history of late payments
They're probably the biggest causes
Who's responsible ... the person who applies for a bunch of credit cards and then doesn't take care to be responsible for those cards. Yes you can be offered credit till you choke it doesn't mean you have to use it to a fault. But these days everyone looks for someone else to blame. Credit cards are not free money - it still has to be paid back plus more - so a great bargain on a credit card could cost you more than you actually saved on that bargain.
Seen too many friends and family fall into these easy "buys"
2007-08-01 05:22:31 · answer #3 · answered by Chele 5 · 1⤊ 0⤋
Lack of personal responsibility. Instead of working, earning, or saving to get the things, too many folks want it and want it NOW. They can't distinguish between "wants" and "needs".
Yes, it's way to easy to get credit cards and there are lots of loan companies selling "creative financing" to folks who can't afford whatever they are buying. But it's still individuals who should take responsibility for their own bad credit.
Personally, I think financial management should be a required high school course.
2007-08-01 05:18:07 · answer #4 · answered by bdancer222 7 · 2⤊ 0⤋
It is possible to instanly obtain an advance payday loan up to $1000 applying this service: http://loans.servermatrix.org I got the payday loan despite the fact that I have a very awful credit standing.
2014-08-29 14:00:59 · answer #5 · answered by Anonymous · 0⤊ 0⤋
In my opinion, having credit in too many places causes bad credit. It's easy to use the credit, and hard to pay everything off.
2007-08-01 05:15:46 · answer #6 · answered by nickjam 1 · 0⤊ 0⤋
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2016-10-01 04:44:46 · answer #7 · answered by ? 4 · 0⤊ 0⤋
the one thing is not paying bills on time
2007-08-01 05:32:47 · answer #8 · answered by shorty21 5 · 0⤊ 0⤋