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Credit Education
Credit Revolution
Chapter 3

Credit: How it Rocks Our World

Many consumer advocates decry, despise and otherwise deny the value of consumer credit. This position is simply wrong. Consumer credit is one of the greatest (and least celebrated) inventions of our modern age. We owe much of our stratospheric quality of life to fast and easy credit.

Let's take a look at how much we're blessed by easy consumer credit. As you may know, we in the United States have incredible access to credit -- we can get almost anything, anytime with only a brief credit check. Walk into a recreational vehicle dealership, and thirty minutes later you're driving off in the home-on-wheels that you've always dreamed of. Nobody checked your income. Nobody checked your references. Nobody checked the balance in your bank account. All they did was pull up your name, address and social security number in a credit reporting database and, boom, you're the proud owner of a $200,000 rolling palace. That's amazing. Sure, it might be a little dangerous, but it's amazing, still.

But regardless, credit's not just for luxury purchases. We all know just how easy it is to get our family into the home of our dreams. (And, yes, it may seem hard at the time you're going through closing. But let's get real: It's a breeze when you consider the size of the purchase of a home -- probably the largest transaction you'll ever conduct in your life). When you go to buy a home, there's often little more than confirmation of your income, your time on-the-job, your previous home-ownership experience, etc. Nonetheless, within thirty days or so, that's all done, and there you are picking out curtains in a home with a house payment that costs roughly twenty-five percent of your monthly income.

Compare our situation with the same scenario south-of-the-border. Mexico doesn't have a fraction of the access to credit that you'll find in the United States. In fact, most people who buy homes in Mexico literally buy the home just as Americans did until the early 20th century when the home mortgage splashed upon the banking scene. Even today, most in don't finance any part of the purchase. They...


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Credit Revolution: Path of the Smart Consumer 2007 John C. Heath, Esq., Dr. Randy Padawer, Jayson R. Orvis. All Rights Reserved. Published by Far Cliffs Multimedia, LLC

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