Admits the tough economic times we are currently facing, I so often hear of people clinging to their credit score as if it is a source of pride or in some cases more important than putting food on the table or shoes on our children’s feet. I don’t mean to sound like a doomsday kind of guy, but the fact is that the credit card companies and the banking institutions have done an amazing job in marketing and convincing us that our identity and who we are is somehow attached to our credit score.
Truth be told a good credit score will save us money in future interest charges. However, quite frankly the credit scoring system is a formula used to inform the banks and lending institutions how much further they can bury us in debt without risking loss on their precious interest charges. The lower the score, the higher the risk and therefore the higher the interest charges and fees.
Credit scoring has nothing to do with identity let alone self worth, but rather it’s all about business! The business of convincing us the consumer that the lower our credit scores, the lower our self worth and social acceptance.
The bottom line is that credit scores go up and credit scores go down. As this roller costar of numbers changes at the latest inquiry or missed payment nothing changes with who you are, let alone yourself worth. So, stop being so attached to a mathematical scoring system.
If during these troubling financial times you are able to stay current and make your payments, then consider yourself blessed. But, if you are one of the millions of Americans who are falling behind on credit card payments and are unable to stay current; don’t stress and most importantly don’t buy into the doomsday threats of bill collectors. Stay your course and do the best you can with what you have. Remember, that there is a season to every financial cycle and this storm shall pass as the ones prior.
