Quote:
Originally Posted by Paul Markham
I've never understood Americans obsession to live beyond their means. Credit card interest is legalised robbery.
Get debit cards, so if you can't cover your purchases, you can't buy.
Other than mortgages I have never had debts.
|
That's a valid point Paul but if you try to live outside the norm in any society you're usually fucked. In the US, your FICO is used for more and more decisions - unless you regularly use credit they can't evaluate you and you don't exist. People keep credit lines forever because older lines count more.
To get the best mortgage rates you need to be a regular user of credit, is the upshot.