this post was submitted on 13 Jan 2025
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A Boring Dystopia
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I don't have a single friend who takes loans for anything except morgage, wedding or an affordable car. I haven't met anyone who has said taking a loan and having a credit score is anything but bad.
Wut. How old are you?
Tons of people have grown up taking financial martyrdom advice from reddit and don't understand the right way to use leverage.
It’s akin to practicing safe sex via abstinence.
Aka stupid
Don't know about them but I did once work with an old hippie lady who never had a car, credit card, anything like that. Story was at one point she was helping a friend get a loan and the bank asked how she could co-sign with no credit. She called her bank (was several years back) and had them read off her balance. Had well into the 6 figures just sitting in an account since she never spent on anything. Was the type that rolled her own cigarettes by hand and such.
Ah, the 'ole prove you don't need the loan trick.
Well, it's not uncommon for poorer people to see payday loans as a bandaid. I took some out in my twenties and everyone in my family has at one point. I'm now in a position that I'd never need one but they're not targeted at people with money. Which should tell the public how absolutely predatory they are.
The credit system is a game to get you stuck constantly paying for things you'll never afford. When I had no debt settled my student loans, and paid off my car, my CS was 630. Now I have 20 K of CC debt, a car loan, and a mortgage, and my score has never been higher.
It's a bullshit system, and now that I have a house, I'm going to clean all that up and go back to never spending on credit again.
I did some time ago. This dude was absolutely reckless with money as a tween, taking out loans and credit cards left and right. He only shared that with me after knowing him four full years, though.