Notes on the Side: “On Bad Credit”

Posted: April 26, 2008 in Notes on the Side

more than a year have passed since i got my first credit card and i’m starting to realize that it has become more like a burden. most people i know think that credit cards are symbols of glamour and yuppydom. well, i tell you they aren’t. the reason why i got one in the first place was because i wanted a bit of security. let me explain. for instance, my credit card helped me when i was abroad in a strange country, and ran out of converted cash. there were no money changers around and i had to pay my hotel’s charges, so i used my credit card instead. that’s the kind of sense of security i was talking about.

but the flip side is that credit cards do increase (of course) your credit. for some if not most people, a credit card is equal to a sinking boat. you eventually drown in bad credit, if you’re not careful enough, and diligent enough to pay monthly charges and what not.

for countries like the US, studies show that a lot of consumers live with bad credit. the good thing for them is that there are resources for people with bad credit around. these sources for instance, offer packages for consumers to help them get back on their feet. some of these sources are online sites that have several bad credit offers fit for any individual’s specific needs. by making payments on time, consumers can rebuild their credit and, perhaps, their financial future.

if resources like this are available in the philippines then i wouldn’t be panicking right now. although i don’t belong to that group of consumers with bad credit (at least i believe so), i also am anticipating that i might get there sooner than expected if i don’t watch myself. what is most needed i think is a seminar or orientation of sorts that provide information for future credit card holders on how to manage credit and debt. in other words, how to use their credit cards wisely.

with a “magic” card like that in your hands, it is often difficult really to be “wise” enough not to use it unnecessarily. despite what i say about credit cards giving you a sense of “security” and also allow you to “roll” your money, still credit is credit. it isn’t a wise way to live, as the elders say.

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