Hiding From Credit – An Unworkable Solution
I get very amused when people claim that they will stay away from credit cards and other such facilities throughout their productive life. Well, that is like saying that you will not use your legs because of the risk of falling down and hurting yourself. Remember, you do not fail when you fall down. You fail when you do not get up. Not using credit facilities properly does not make you bad at finances. Not learning from your mistakes is what is going to make bad at finance.
Contact any professional financial adviser and he or she will tell you to embrace the concept of credit. Such persons are not paid by credit card companies to market credit cards. Rather, such persons identify the fact that credit cards are here to stay. If you want to buy a house, you will have to go in for a loan and deal with credit. If you want to drive an automobile, you must prepare to get a loan. If you want provide best education to your children, you should be open to the idea of obtaining credit. How are you going to convince lenders to offer long term loans if you do not know how to handle a short term loan?
Lenders will quickly discover that you are scared of loans and credit facilities. In such a scenario, you may end up on the losing side despite having the qualification necessary to manage the loan. Instead of being defensive all the time, you can adopt a proactive and sensible approach which is a mix of caution and aggression. Learn to master credit. Once you succeed, you will never have to fear it again.
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