Tag Archives: credit repair

Save Money By Improving Your Credit Score

One of the Christmas movies I enjoy watching is An American Christmas Carol. The Scrooge person is played by Henry Winkler (remember The Fonz?). He doesn’t seem like a likely Scrooge does he? In this American Christmas Carol, we find ourselves in America in the late 1800s and Scrooge discovers credit. He takes this newly developing business that banks and companies have come up with where you let people buy items on credit and charge them interest. And if they don’t make their payments, the lender gets to take the item! He makes the comment that “It is not unheard of to get 150% of the original price or more”.
Now, I am not sure who first invented the idea of credit, particularly where interest and repossession are involved. There is mention of loans in the bible, but there is also the fact that every seven years, debts were to be forgiven (and my guess is that is where the 7 years comes from regarding how long a bankruptcy can be listed on your credit report). Fortunately, we are past the point where we get thrown into debtor’s prison. Can you imagine…you are in debt so they throw you in prison (where you can’t make a living) and there you stay until your debt is paid. How many of us would be in jail now if this was still the practice?
We have become a nation of people that live on credit. We use credit in emergencies and we use credit to finance our latest want list. There are people who never run into credit problems. They always pay on time, they never spend more than they can repay, and they don’t run into situations where their credit starts ruling their lives. In my early credit life, I only used a credit card to build up my credit. I paid the balance each month and was on top of things.

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