Oct
25
Debt Slaves
October 25, 2009 | Leave a Comment
Given the terrible state of the economy, I’ve been forced to take a look at my credit score and wonder, all over again, why is it so low? It came to a head when I realized I needed to trade my old bucket of bolts in for a newer model. Breaking down on the 405, in rush-hour, is no fun. This led me, reluctantly, to my local car dealership.
Before I even stepped out of my old clunker, I was shanghaied to the salesman’s desk. I didn’t know my credit score going in, but boy, was I going to find out. Let’s just say that it was lower then my SAT score (I should mention I barely got into state college). Thanks to my credit score, my monthly payments would be close to $500. The salesman finally told be they sent my application to twelve major banks and they all said no. The only consolation was that six of those banks are now out of business.
Once you’ve graduated from high school, it’s drilled into you that you should start taking care of your credit score. That can be problematic when you’re getting credit card offers in the mail. Armed with three of four credit cards and no viable income, this makes for a pretty bad start. Most teenagers destroy their credit score before they turn 21.
Applying for a new car, a home, even a rental application all require decent credit scores. If you happen to have student loans on top of a massive credit card debt, you have just sealed your fate for the next decade. It’s extremely stressful and frustrating to just be making your monthly bills, with no insurance, knowing your debt is spiraling out of control. Talk about a life of diminishing returns.
Clawing your way out of debt is a slow, agonizing process. I wish I could tell you it was easy. It takes planning, patience, and humility. Debt thrives on fear — no one likes to face the music. And if your debt has made its way to collection agencies, this about face can be even more painful. But, that old saw still holds true: no pain, no gain. Gain back those precious points and start taking care of your credit score.
Getting viable debt solutions can be problematic. Do your research and get enrolled in a program that can help you get debt free sooner rather than later.
Comments
You must be logged in to post a comment.