The logic of it escapes me: if your credit is bad, why is it that you’re forced to pay a higher interest rate, thereby making your payment higher? If you’re already bad off, doesn’t that just make you worse off? Yes, yes, I understand rewarding those with good credit by offering a lower rate and lower payment. But at the same time, where’s the break to the bad credited people? Don’t they deserve a break too?
I think every lender is, to an extent, a predator. If you have bad credit, you are forced into an unsavory loan. If you have good credit, you may be forced into a loan that will be unsavory down the line (your good credit may qualify you for a payment that, should you get laid off, won’t be such a “good” thing anymore). This is on my mind because of the economy’s current state, of course. We’re told not to do anything rash, like spend more, but what about spending less?
Am I the only one considering getting rid of seemingly unnecessary things like a land line or certain cable channels? Granted those aren’t big payment reducing items, but they’re a start. What about coupons? I used to think they were too much of a hassle. Now, though, I’m carefully selecting a newspaper because there are times when the sale papers and coupons aren’t included. It happened to me twice and I was madder at myself the second time because I was so dead set on getting out of the store that I didn’t bother to check. You won’t get my $1.50 just for bad news again, you improperly assembled Post!