While credit card companies can no longer jack up rates on previous purchases if you’re late on some other bill, your credit card company can still use your credit history to raise your interest rate going forward. What you end up paying for your house, car, clothes, even the final cost of the groceries put on a credit card, can cost more than our neighbors! You might purchase your home for the same prices as your neighbors, but a lower credit rating can cost you thousands of dollars more in interest than others!
Whether you borrow money or not, you credit score affects many major areas of your life, such as:
- when applying for a job; a low credit rating may prevent you from being hired
- home and auto insurance may cost you more
- renting a place to live, landlords check to see what kind of risk you are, before approving you
Others are allowed to look at and use your score, including:
- anyone who has a court order or judgment against you....yes, even your ex-spouse, if they’re entitled to court-ordered spousal or child support.
- cell phone and utility companies
- current and potential creditors
- collection agencies
- government offices
Some folks are living 'hand to mouth' already.
ReplyDeleteGoogle consumer surveys found that 62% of Americans have less than $1000in savings; 21% don't even have a savings account.
The Federal Reserve reports: 47% of respondents said they wouldn't be able to cover an unexpected $400 expense or would have to cover it by selling something or borrowing money.
Personal finance website Bankrate.com survey: More than 60% of Americans have no emergency savings for things such as an emergency room visit or a $500 car repair.
Widows and others attempting to live on Social Security. They are so embarrassed that they have to go to food pantries that they cry in shame. We are called to help them, yet some want to get every penny out of them for their own selfishness.
ReplyDeleteThey devour widows’ houses and for a show make lengthy prayers. These men will be punished most severely. Luke 20:47
and Mark 12:40
The Lord watches over the sojourners; he upholds the widow and the fatherless, but the way of the wicked he brings to ruin. Psalm 146:9
You shall not mistreat any widow or fatherless child. If you do mistreat them, and they cry out to me, I will surely hear their cry, and my wrath will burn, and I will kill you with the sword, and your wives shall become widows and your children fatherless. Exodus 22:22-24
“Then I will draw near to you for judgment. I will be a swift witness against the sorcerers, against the adulterers, against those who swear falsely, against those who oppress the hired worker in his wages, the widow and the fatherless, against those who thrust aside the sojourner, and do not fear me, says the Lord of host Malachai 3:5
Woe to those who decree iniquitous decrees, and the writers who keep writing oppression, Isaiah 10:1
The people of the land have practiced extortion and committed robbery. They have oppressed the poor and needy, and have extorted from the sojourner without justice. Ezekiel 22:29
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Do not oppress the widow, the fatherless, the sojourner, or the poor, and let none of you devise evil against another in your heart.” Zechariah 7:10
Learn to do good; seek justice, correct oppression; bring justice to the fatherless, plead the widow's cause. Isaiah 1:17
Religion that is pure and undefiled before God, the Father, is this: to visit orphans and widows in their affliction, and to keep oneself unstained from the world. James 1:27