These are great points, and so true. I’m also amazed by the people who are told to raise their scores by getting a credit card, only to find out that the only ones they qualify for are pre-paid. So they’re supposed to come up with hundreds of dollars to be held for a year. Sometimes I just shake my head.
Thanks for reading and commenting, Judy. I'm convinced that it's our laws, policies and attitudes that just plain "keep people poor"... and those can be changed, but it will take a lot of work from all of us. I admit that at the moment, I am stumped about how to effect change, except to keep writing about it and harness a community of like-minded folks to lobby Congress.
Truly credit scores are designed to keep the poor poverty stricken. It's hard to believe that these numbers dictate such a huge part of our lives. When I got my 2 credit cards maybe 5 or 6 years ago and living on Social Security, I was stunned at the "generous" spending limit each card gave me, far in excess of anything I could ever afford to pay back.
It's particularly cruel that those without enough cash to maintain a credit score in the "Excellent" range must pay more in interest and fees to get credit. Talk about a perplexing, circular argument...If you are wealthy you pay less, if you are poor you pay more.
These are great points, and so true. I’m also amazed by the people who are told to raise their scores by getting a credit card, only to find out that the only ones they qualify for are pre-paid. So they’re supposed to come up with hundreds of dollars to be held for a year. Sometimes I just shake my head.
Thanks for reading and commenting, Judy. I'm convinced that it's our laws, policies and attitudes that just plain "keep people poor"... and those can be changed, but it will take a lot of work from all of us. I admit that at the moment, I am stumped about how to effect change, except to keep writing about it and harness a community of like-minded folks to lobby Congress.
Truly credit scores are designed to keep the poor poverty stricken. It's hard to believe that these numbers dictate such a huge part of our lives. When I got my 2 credit cards maybe 5 or 6 years ago and living on Social Security, I was stunned at the "generous" spending limit each card gave me, far in excess of anything I could ever afford to pay back.
It's particularly cruel that those without enough cash to maintain a credit score in the "Excellent" range must pay more in interest and fees to get credit. Talk about a perplexing, circular argument...If you are wealthy you pay less, if you are poor you pay more.