Sunday, 20 October 2013

Too much bills!!

In America, the system is designed to encourage owing in one way or the other. Almost everybody has some bills to pay at the end of the month. From car loans, to student loans, to phone bills, to credit card debt, the list is endless.

At the end of the month, bills come flooding in the mail box like fishes waiting to be fed. Ok so let me try and explain the credit system here from the little information I know. First you have to establish a credit history and you do this by owing somehow. Maybe a student loan? After the loan is given, you are judged based on your ability to pay back within the stipulated period. If you defer on your payments, you get a bad credit score and you would find it extremely difficult getting other loans/services. Even when you have to rent a place, they look up your credit score to determine if you can pay the monthly bills. If you have a really terrible credit score, it would be difficult to get a place to rent.

So at the end of the month when you receive your salary, you then have to think of paying up your bills. You pay for the phone bills, the internet bills, gas, electricity, garbage, your student loan, car loan, credit card debt, mortgage, cable TV, taxes, car insurance etc. And the thing is if you defer on any of your payments, it would badly affect your credit score such that you might find it difficult taking up other loans or signing up for some services in the future.

I was very surprised when I realized this, because back in Africa the situation id very different. Most often than not, if you own a house, it is probably yours in every right.So guys, if you see any of your friends flaunting their newest cars, or phones or even clothes, chances are they are yet to finish paying for those items so please do not use that as a yardstick for yourselves.

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