My personal scores have increased by about 100 points in the last 6 months (I started getting worried about interest rates getting even worse and consolidated my credit cards under a personal loan with a definite payoff date).
At this point I really don’t care what my credit score is, but this feels like a bad time to have debt, and for once in my life I feel lucky that I’m able to be paying off debt faster than I can take on more - which really hasn’t been the case since I went to university in 2007 (and never finished for financial reasons).
An inflation event is a great time to have debt. The best time to have debt. The money is worth more when you get it, and the debt you owe shrinks in value.
If you have a stable job, this is a great time to have debt. The dollar is decreasing in value, so as long as the amount you make keeps pace with that devaluing, the value you actually owe is decreasing.
I too went to university in 2007 and didn’t finish for financial reasons! I had a meager $1500 loan, I couldn’t afford to pay off. Ended up paying through the IRS taking my tax refunds about 5 years. Paid $7000 for a $1500 loan. Fun times.
My credit, is however, still in the shitter. I’ve never owned a credit card. I refuse it.
My personal scores have increased by about 100 points in the last 6 months (I started getting worried about interest rates getting even worse and consolidated my credit cards under a personal loan with a definite payoff date).
At this point I really don’t care what my credit score is, but this feels like a bad time to have debt, and for once in my life I feel lucky that I’m able to be paying off debt faster than I can take on more - which really hasn’t been the case since I went to university in 2007 (and never finished for financial reasons).
An inflation event is a great time to have debt. The best time to have debt. The money is worth more when you get it, and the debt you owe shrinks in value.
If you have a stable job, this is a great time to have debt. The dollar is decreasing in value, so as long as the amount you make keeps pace with that devaluing, the value you actually owe is decreasing.
It’s a great time to have debt. If you don’t end up imprisoned, killed, or a refugee, massive inflation will make repayment easy.
I too went to university in 2007 and didn’t finish for financial reasons! I had a meager $1500 loan, I couldn’t afford to pay off. Ended up paying through the IRS taking my tax refunds about 5 years. Paid $7000 for a $1500 loan. Fun times.
My credit, is however, still in the shitter. I’ve never owned a credit card. I refuse it.
You don’t want to be in debt when the merry go round stops