If your culture didn't propagate credit, would you still be doing it left and right?
By Artgirl
@owstalaga (4707)
Philippines
October 10, 2015 11:54am CST
Maybe I'm just not too capitalistic and am not an expert on business but the concept of credit is something I don't really like. It's a risky thing I don't want to get into that much. Sure I have a credit card but if I'm not able to manage it well then I'd have a problem. (Good thing I almost always am able to pay on time!)
Starting a business or acquiring a property also entails taking loans or credit from banks, other businesses or even friends and family members. If the business fails you're in bigger debt and if you can't pay your mortgage you lose the property. You take in more debts and what happens? Such a gloomy predicament eh? But if all becomes successful of course you can pay off all the debts you had and earn much more in the process.
From where I stand, I'd rather put up something using what I have than taking loans and such if possible. Of course some people might frown at this especially expert business people but if credit wasn't so popular would you still be using it all the time?
10 people like this
14 responses
@dawnald (85146)
• Shingle Springs, California
19 Oct 15
Who says I use it all the time? :-D
I do have a mortgage, but the payments are way lower than rent for a comparable place.
Sometimes I will take advantage of a 0% interest deal (no interest for the first 12 months, for example), and when I do, I make sure to pay it off before they start charging interest.
3 people like this
@Marcyaz (35316)
• United States
19 Oct 15
@owstalaga
Most people use debit cards and only use credit cards here when they absolutely have to.
1 person likes this
@owstalaga (4707)
• Philippines
19 Oct 15
Oh nice to know you don't use it all the time. 
I thought everyone in the US lives by credit most of their lives.
I thought everyone in the US lives by credit most of their lives.2 people like this
@crazyhorseladycx (39509)
• United States
11 Oct 15
that's why so many're in such deep financial troubles - that borrowin' 'f funds 'n bitin' off more'n they could chew. fer myself? i despise credit 'n payin' interest. whilst many 'successful' business folks use is the 'other peoples money' principle. i say more power to 'em.
2 people like this
@owstalaga (4707)
• Philippines
11 Oct 15
I noticed that in the US and other places where credit is the norm. It seems a lot of people get into deep financial troubles. And then they cannot pay off their debts they get some kind of leeway and get the debt waived or something.
Even countries take debts from world banks! Omg. Everybody is in debt.
2 people like this
@crazyhorseladycx (39509)
• United States
11 Oct 15
@owstalaga yes ma'am, folks were encouraged to do such since 'bout the 1980's i reckon? buy schtuff ya don't need, live outside yer paycheck. most sad. 's fer all the countries?? i dunno why they don't jest sit down 'n figure out whom owes who what 'n jest add/deduct accordin'ly 's it seems they've all debt to each other. i'm the type who'll do without 'fore i use credit. i'd rather scrimp 'n save than to pay interest.
1 person likes this
@owstalaga (4707)
• Philippines
11 Oct 15
@crazyhorseladycx Me too. I'd rather save and earn money instead of getting into all sorts of debt to pay for a house, put up a business etc...
1 person likes this
@celticeagle (168209)
• Boise, Idaho
19 Oct 15
It so easy to get out of hand with spending. Best to live in a manageable budget rather that over extending our selves.
2 people like this
@owstalaga (4707)
• Philippines
22 Oct 15
@celticeagle that's right. I think credit cards tempt people into spending more than they can earn. And that's where what @Marcyaz is saying comes in.
1 person likes this
@owstalaga (4707)
• Philippines
19 Oct 15
Whoa? Really? That makes you a member of the "cash club" then. Some people just are better with cash than credit. 
@owstalaga (4707)
• Philippines
21 Oct 15
@LadyDuck Oh I didn't know that. I thought it was always credits for most western countries... Cool.
1 person likes this
@owstalaga (4707)
• Philippines
22 Oct 15
Really? I have one, but then my friend wanted to use it so I got a 2nd one. And then it went downhill from there so I had to cut her off, and soon the card too. Oh well.
@Marcyaz (35316)
• United States
21 Oct 15
@owstalaga
Yep as you never know when an emergency will happen and you need to use a credit card.
1 person likes this
@owstalaga (4707)
• Philippines
21 Oct 15
True I rarely use credit cards. Apparently I only get to use it for emergencies. Oh boy.
1 person likes this
@stealthy (8181)
• United States
21 Oct 15
A mortgage is the only debt I have ever had except for a car a couple of years ago which they would not sell me unless I financed it; I paid it off almost immediately. I have never had any credit card debt for instance. If I can't afford it, I don't buy it.
1 person likes this
@scheng1 (24649)
• Singapore
25 Oct 15
I agree.
When I buy shares in the stock market, I make sure the companies do not have high debt.
The best is that a company has no debt, and has proven that it can make money regardless of economic situation.
Some of these are business trusts holding utility companies, water treatment, rubbish collection etc.
1 person likes this
@owstalaga (4707)
• Philippines
25 Oct 15
Oooh, thanks for the tip! I didn't know you had to check if they had debts or not. I am also planning on investing in stocks in the future but I have no idea yet. Investing is such a risky thing. Woooh~
Investing is such a risky thing. Woooh~
@owstalaga (4707)
• Philippines
23 Oct 15
Hm, lemme see, I've had one card for I think 8 years but I only found it a bit hard in the latter years. 
1 person likes this
@owstalaga (4707)
• Philippines
24 Oct 15
@vandana7 Oh well that's possible. Wonder when I'll get to buy my own home, but then again I prefer being able to leave and go from one place to the next. Hmmm...
@vandana7 (100609)
• India
23 Oct 15
@owstalaga ..As Dawny said, use them judiciously. I meant all credits, including home loans, and business loans. You see, when we get those limits or loan amount, it is granted based on our income levels, and optimum amount we can pay. But in about 7 years or so, our income almost doubles, but the installments on loans remain almost the same. It then seems easier.
1 person likes this
@allknowing (137708)
• India
19 Oct 15
Living on borrowed funds has never been our lifestyle. We only have debit cards.
2 people like this
@owstalaga (4707)
• Philippines
19 Oct 15
Me too. I don't prefer to use credit all the time. Debit cards are better.
2 people like this
@mythociate (21432)
• Oklahoma City, Oklahoma
4 Dec 15
I don't know. I guess it's like ketchup and/or grated Parmesan-cheese ... I don't NEED either one to eat the food at the restaurant; but--if they put them out there--I'll be using `em (ketchup for fries, Parmesan for pizza or spaghetti).
@owstalaga (4707)
• Philippines
6 Dec 15
@mythociate Well now I didn't know the US has trillions of debt. And here I thought our country was deep in debt. Oh man, so that's why shows like Mr. Robot come up and creep in.
@mythociate (21432)
• Oklahoma City, Oklahoma
7 Dec 15
@owstalaga MR. ROBOT? What's the-- oh wait 
"use the Internet" http://www.imdb.com/title/tt4158110/ where "he forms connections by h@cking," kinda like CONSPIRACY THEORY or the number 23
"use the Internet" http://www.imdb.com/title/tt4158110/ where "he forms connections by h@cking," kinda like CONSPIRACY THEORY or the number 23 @AbbyGreenhill (45494)
• United States
18 Oct 15
This world revolves around cred, right or wrong, good or bad, it is how many people survive.
1 person likes this
@owstalaga (4707)
• Philippines
19 Oct 15
Oh I meant monetary credit. I don't like taking loans but it still does happen sometimes.
I don't like taking loans but it still does happen sometimes.1 person likes this
@DaddyEvil (137636)
• United States
20 Nov 15
I do not have any credit cards, nor have I had any loans for the past fifteen years... until last month...
Our car had been on its "last legs" for the past two years. Normally, not a problem. We just bought another one as needed, but this time we just didn't have the money.
I seriously dislike having to pay a monthly payment for it, but when you must, you must...
No, I seriously doubt I would have taken this step if our society didn't make it so easy to get and use credit for ... well, anything!
@owstalaga (4707)
• Philippines
14 Dec 15
ah well, they make it somewhat easy to get out of credit too. But at least you know your limits.
But at least you know your limits. 