View Poll Results: Is credit a bad thing?

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  • Yes, entirely.

    0 0%
  • Yes, partially.

    7 31.82%
  • No, partially.

    9 40.91%
  • No, entirely.

    4 18.18%
  • Other.

    2 9.09%
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Thread: Is credit a bad thing?

  1. #11
    Sage
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    Re: Is credit a bad thing?

    Quote Originally Posted by The Mark View Post
    My premise is as follows:

    I have heard multiple persons saying that one of the main causes of the current economic downturn is that we were living beyond our means through the use of credit.

    I personally don't know one way or another.

    I've avoided credit card debt in my own finances, but blindly (stupidly?) fell into education debt that is greater than many credit card debts.

    And I didn't finish the course, either.

    Still upsets me...At myself.

    What are your opinions on this issue?

    Is credit a good thing in some situations, depending on various factors?

    All good?

    All bad?
    Credit in and of itself is not bad.
    The user of credit is the one you gotta watch out for.

    Credit is good for buying a home, reasonable car, starting a well planned business and it is also a decent tool for emergencies.

    Credit is horrible if used to buy luxuries.
    You should never buy luxuries on credit.
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  2. #12
    Sage
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    Re: Is credit a bad thing?

    Credit isn't a bad thing per se, after all, virtually no one can make a large purchase like a house or a car without credit because few can pay it off in cash at purchase. The problem is, credit card companies and mortgage companies gave away trillions of dollars in credit to people who, let's be honest, were entirely not credit worthy. Credit should only be extended to people who have proven themselves ready, willing and able to pay it back, following the terms set out in the "loan". It shouldn't be something that just anyone gets and the fact that anyone can get a dozen credit cards is what set up the current financial disaster. Lots of people buying things they can't afford with money they don't have, that's become the cultural mandate and look what happened.
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  3. #13
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    Re: Is credit a bad thing?

    It isn't credit, in and of itself, that's a bad thing, it is how people USE that credit that may be a problem.

  4. #14
    Sage
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    Re: Is credit a bad thing?

    Quote Originally Posted by Skateguy View Post
    As we are finding out today---a society built on credit, is a like a castle built on sand.
    Actually, we learned this 80 years ago. It's just that politicians lobbied to get rid of regulations on credit, both so that credit companies can have more in a say in giving out credit and so consumers can have easier access to credit. It's just that we have to re-learn it again.

  5. #15
    Klattu Verata Nicto
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    Re: Is credit a bad thing?

    Quote Originally Posted by DrunkenAsparagus View Post
    Credit is a tool. It can be used to build a more prosperous society, or it could be used to build a house of cards.
    Nailed it.

    Quote Originally Posted by winston53660 View Post
    I thought it was lawyers that ruined economies?
    Some lawyers ruin the concept of civil law, tort abuse puts a strain on everyone by creating undue losses on companies which effects stockholders and price. Other than that people should have recourse when there is an actual negligence, fraud, or other abuses.
    Neither side in an argument can find the truth when both make an absolute claim on it.

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  6. #16
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    Re: Is credit a bad thing?

    I voted no,partially.

    I mean credits fine as long as you dont abuse it. Of course thats the catch. Some people are addicted to credit and simply do not have the where with all (or capital) to manage the benefits of a credit line.

    Its really no different than say alcohol. Nothing wrong with it when its not abused.If you drink moderately to have a good time and are responsible whats the harm? If you drink to excess to fulfill some kind of addiction,thats when the its dangerous.
    Someone told me once that there's a right and wrong,
    and that punishment would come to those who dare to cross the line. - TooL

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