Quote from Spooz Top:
that`s chump change in yesterdays money....our very identities/value will be based on our credit scores in the very near future.
No that is already happening. But the whole system is cracking & it is going to crash.
I think some of the "deadbeats" have a point. Look at the precedents being set by the big IBs, AIG, big autos, etc. Look at the mortgage bailout. The message is that if you're paying your debts prudently, you're a sucker. If you're saving, you're a sucker. It's all about being bailed out.
Look at the rich who often file bankruptcy as a business move. It's cool. Donald Trump cool. If you can stick the creditors, while walking away with assets, you're a winner.
Morals? What morals? Look at the finance industry hotshots. They would steal from their mother. And it's cool to be that, cause it's all about money.
Look, what do you REALLY need credit for nowdays? To get an oversized mortgage that will put you into debt for life? To finance a depreciating asset like a car? You will always be able to get those, no matter of your credit.
Getting a bank account will be more difficult with bad credit, but then, keeping you cash in a bank is not a smart decision right now. Getting a job with corporates will be problematic, especially finance related. But then, they are not exactly creating jobs anymore, especially in the finance field.
The lenders are not your friends. They are not applying morals. So why are you? It just makes you a sucker. You have to look at these as business decisions, the same way corporations, business & wealthy individuals approach solvency problems.
Reminds of when a friend of mine asked me about all those billions & trillions being given by the government and how he can get a piece. I said "become a failed bank"
