These days, it seems that Americans put more value in their FICO score than their bank accounts. Companies such as Experian, Credit Karma, and others are influencing the masses into believing that a good credit score will always be there to provide the means for purchases, despite their inability to save money.
But as important as a good credit score may be, it’s not the same as having cash in the bank. In other words, credit is not wealth. It is only an illusion of having money to spend when, in reality, there is none. As mentioned in the article, Clarifying Misconceptions about Credit to Minimize Debt, credit is the privilege of using other people’s money, which must be repaid with confiscatory interests.
