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Credit score: The effect it has on society

By Janet Lacey
Published: Thursday, November 12th, 2009

The bears and the bulls, their rise and their fall, the inflation rates, the new contracts signed and where we stand to gain, almost every aspect of the financial world is being tracked with great vigor in the society today. Understanding the numbers is not merely restricted to those privileged few who sail their way through colleges and beam with pride on doing their MBA! Today, even a common man understands what it takes to make money that you always dreamt of. Newspapers, magazines, news channels are bringing news to the common man’s doorstep each day. This change in mentality has also seeped into our understanding of credit scores.

In such a financially educated world, making the best use of money is the top priority. Hence, it is not surprising to see the shops offer heavy discounts on items like your groceries to the expensive, high end laptops. People are willing to go that extra mile to fetch their goods if it means value for money. The aim to maintain a good credit score and to make sure it is not a herculean task to maintain them is the motivating force.

When one observes the trend of this dynamic world today, it becomes very obvious that most of the families are able to clearly differentiate their necessities from their luxuries. Families are becoming more judicious in their spending habits, thanks to the onset of recession also. Outings and miscellaneous expenses are avoided as far as possible. There is also a very cautious approach towards the usage of their credit and debit cards. Skipping the payment of these bills is considered far more serious than in the previous years owing to the financial burden it will create for the banks.

There are also good things that blossom out of this tense situation. The trend of credit dating is proof to it. This is a concept where people begin dating each other based on their credit scores. Talk about changing perceptions!

In this concept credit dating, credit scores are not mere numbers, but they indicate your personality and spending habits. Having too high or too low scores are extreme and spell out, in clear terms, certain traits about you. The secret of relationships is the understanding between the couple, knowing if their wavelengths match each other. One way of doing so is to know about their credit scores.

The common man today needs no jargons; he only needs vital information to help him make his financial decisions. A simple understanding of the industry trend is enough to feel financially sound. It is important that we do not go out of our way in saving every little penny, but to spend every penny in a manner that adds value to our life. Know how much you can stretch your hands and keeps your expenditure well within your limits. There is no need to panic yourself over these numbers; they will work for you if you are cautious enough in using them well.

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