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I know that I have been talking implicitly about financial slavery
but I wanted to expound on it a bit from some comments that I made to my brother in an email today. He has started this plan.
I think that's fair. I've started his weight-loss plan and he has started my debt-loss plan.
One thing to remember as far as borrowing money is that FICO isn't the only factor. Banks look at assets and debt to income ratios so if you did build your own house with cash, you would still be able to get a loan down the road because you are a good risk for them. Credit card companies that have pretty much automated the process might turn you down but you won't need credit cards when you finish this plan. =)
posted by
SuccessWarrior
on November 15, 2006 at 9:36 AM
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I noticed that you plan on dealing with financial slavery tomorrow. You don't realize that you've been implicitly talking about financial slavery all along, when you talk about the outrageous interest rates charged by banks on credit cards and the fact that we are shackled to that debt. For that matter, I've brought up the same topic myself in some of my comments; for example, FICO credit scores are computed based on the assumption that one carries a certain amount of credit-card debt, and if you even build a house on a pay-as-you-go basis without charging anything to a credit card or getting a bank loan for any reason, your FICO score will be so low that banks consider you a deadbeat despite the fact that you are unusually responsible with money. The whole system is set up based on financial slavery to banks and employers. Buck the system, and you're labeled a loser even if you are a responsible citizen.
posted by
kidnykid
on November 15, 2006 at 8:31 AM
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