When it comes to scoring some credit, the world breaks down squarely into two camps. The first group has none at all and no credit history but harbors a desperate desire for access to credit so they can start collecting mass quantities of material goods and begin living the blissful life of their neighbors, the Tanenbaums.
In the other camp are the Tanenbaums that are in hock up to their asses with no clue how they got there in the first place and no idea whatsoever how to escape. The Tanenbaums just want to live a simple blissful life like their neighbors the Ratcliffs.
There are no other types of people. The perfectly content family with no debt and whose income is exactly to three times their cost of housing doesn’t exist. The last family to fit this description went out of existence in 1993 when the first 48” flat panel television was introduced at $5000.00 a pop. And, of course, every home needs more than one.
Even though both sets burned out long ago, the once perfectly content family is still paying the monthly minimum of $24.58.
American families owe over $11 trillion in credit card debt and that averages just about $105,000 per household. The average household income in America is only $53,046. Because America has more Tanenbaums then it has Ratcliffs it makes it much more difficult for President Trump to hit the 4% GDP growth he promised in his election campaign. But that’s another story for another day.
Being the American free enterprise system there is always somebody willing, for a price, to help the Ratcilffs and the Tanenbaums. Here are some free suggestions.
Say you are just out of school and no credit history. This familiar condition means you won’t be qualified for any credit card, bank loan or mortgage. Here is how you get started.
Go to the closest supermarket and purchase a prepaid Master or Visa card. There will be a small fee attached but that’s life. You load up the card in the same way you put money onto your debit card account. If you like, you can do it right at the supermarket or drug store. This sends a signal to the credit rating agencies that you are alive.
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