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How has credit score affected our society?

By Janet Lacey
Published: Thursday, October 15th, 2009

If you have watched the news recently, it might be surprising to note that there is at least one or more news item that is taking about some financial problem plaguing the country. All over the country, finances have dominated the news and have jumped out from inside the newspaper to come in the very first page, as it is affecting our lives in general.  Our credit score is reflective of this phenomenon, and there is a sudden change that one can observe in today’s society, which was not so bothered about finances a little over two years ago.

The first thing about credit score is that it has changed the way we shop for our commodities. Usually, people would not care that much about buying their monthly groceries, but now, they would prefer to do all of it at a superstore rather than spend a few dollars more and shop at their local convenience stores. In an effort to not let credit scores ruin them and still pay their bills on time; many people have switched the places that they have started shopping for their items of daily consumption. Although the savings might seem insignificant initially, it does matter when you add it up in the long run.

Next, people are more cautious while using their credit and debit cards. There are fewer family outings and expenses are strictly restricted to only what is required. Since credit scores are severely affected by unpaid bills, it has become important to not waste your money on insignificant things and only purchase what you need with your credit or debit card. This is apparent in the dip of new car sales as well as a general reduction in the purchase of luxury items, which was not the case around two years ago.

One of the most interesting changes that credit scores have brought about is the launch of credit score dating, where couples are matched based on their credit scores. It might seem rather strange but credit score dating is actually a pretty popular concept with many people trying it out to see if they like it. Amazingly enough, the website even has a number of successful matches, which goes to say a lot about your credit score. Apparently, your credit score says more about your personality than any of the other factors. It looks like having a good score or a poor score is something that the couple should have in common to have a successful relationship!

While credit score can be explained financially or even with technical jargon, all one needs to understand is that you should be wise with your money. Once you are spending it correctly, your credit score will automatically take care of itself and improve. Don’t worry too much about how to go about spending your money, because there is no point in doing so and you might end up being penny wise and pound foolish. Just keep in mind that you should only buy things that you can afford, not what the banks think you should be able to afford.

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