Money or Credit?

In a recent presentation, the speaker asked the rhetorical question: “In a credit-based economy, what is more important: Credit or money?” Many people, if not most, go through life assuming money is the most important thing to possess in our economy,. However, the U.S. has been a credit-based economy since the early 1960’s, and as such having good credit becomes increasing more important to buy and acquire assets and wealth. Large purchases like homes and vehicle are almost impossible for many consumers without credit, and being able to travel, make repairs and keep up maintenance on household items are all easier because of credit. Debt collectors are the “watchdog” of the credit system in the U.S., and without professional and ethical debt collectors the credit system may not exist, and would certainly be available only to those who didn’t need it!

Comments are closed.