A Quote by Sarah Jeong
Because the American credit reporting system relies on both good and bad reports of creditworthiness, a consumer must have some kind of credit - not just the absence of bad credit.
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Millions of Americans have bad credit because of mistakes from credit agencies, and it can ruin lives, stopping people from getting a job or owning a home or car.
The leader is a teacher who succeeds without taking credit. And, because credit is not taken, credit is received.
Bad debt is debt that makes you poorer. I count the mortgage on my home as bad debt, because I'm the one paying on it. Other forms of bad debt are car payments, credit card balances, or other consumer loans.
He that sells upon Credit expects to lose 5 per Cent. By bad Debts; therefore he charges, on all he sells upon Credit, an Advance that shall make up that Deficiency.
One day, because they realize for some reason or other that they must stop credit expansion, the banks do stop creating new credit to lend. Then the firms that have expanded cannot get credit to pay for the factors of production necessary for the completion of the investment projects which they have already committed themselves. Because they cannot pay their bills, they sell off their inventories cheap. Then comes the panic, the breakdown. And the depression starts.
So what is the role that credit default swaps can play in an economy? Well my feeling is that if these things actually will now be traded on either exchanges or some kind of central clearing, they are going to be a very good measure of the credit worthiness of different companies.
Hedge funds are a very efficient way of managing money. But there are clearly some risks. Hedge funds use credit and credit is a source of instability. Transactions involving credit should be regulated.
We need a system that provides mortgage credit in good times and bad to a broad range of creditworthy borrowers.
But credit card debt is unsecured debt, which means if you get in trouble and cannot pay off your credit card, you can discharge it in bankruptcy. What are they going do to you? If you're in a financial position to just methodically pay off both credit card and student loans, pay them all.
I say all the time I think there should be some courses in the regular schooling system that isn't, even like about credit, things that matter later in life. I learned the harder way: 'Look, I got a $500 credit card in the mail, let's go shopping!'
Absolutely pay off credit card debt. If you're not getting a match in your 401(k) and you've got credit card debt, you've got to get yourself out of credit card debt. When you get out of credit card debt, your credit score goes up and interest starts to go down.
I was able to use credit default swaps to protect not only my investments but the hundreds of jobs that exist because of my investment. I understand the dangers of credit default swaps and the benefits of credit default swaps.
I am kind of the front man for a team of people behind the scenes who are working just as hard as me and are putting in just as much time to make this all happen. I'm not trying to be humble. I just want everyone to get credit where credit is due.
If we are looking for one single action which will enable the poor to overcome their poverty, I would go for credit. Money is power. I have been arguing that credit should be accepted as a human right. If we can come up with a system which allows everybody access to credit while ensuring excellent repayment - I can give you a guarantee that poverty will not last long.
I can't even get a credit card without three credit bureaus saying I'm good enough.
It's been my experience that the people who gain trust, loyalty, excitement, and energy fast are the ones who pass on the credit to the people who have really done the work. A leader doesnt need any credit... He's getting more credit than he deserves anyway.
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