Good credit is essential for financial success and is beneficial even if one does not intend to borrow money. Many companies, including utility firms, landlords, and insurance companies, assess credit scores when providing services or agreements. Ramsey's views against credit scores overlook these practical necessities and could lead to financial disadvantages. Not having good credit can result in higher costs or obstacles in securing services, indicating the importance of maintaining a positive credit status.
Most financial experts agree that earning good credit is very important to your financial success. Dave Ramsey is not most financial experts.
In an Instagram post last year, Ramsey said, 'the credit score is NOT a measure of winning financially. It is 100% based on debt.'
First and foremost, a credit score is absolutely necessary in many aspects of your life, even if you do not want to borrow money or be a debtor.
If you do not have good credit, you may have to make larger security deposits for services and pay higher insurance premiums.
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