Steves Credit Experience or "Cash is King"
In the late 70s and early 1980s I had a specialty retail store and a bank operating line of Credit, Credit Cards, leased truck and owned a house and life was good.
Then the early 80s recession Mortgage and Credit rates went to between 19% to 21% literally over night.
The Bank called the line of credit because at 19% my monthly carrying cost had gone through the roof and as I had secured it with savings they decided to not allow the risk and took my savings. Our house mortage went to $4000.00 a month and we lost that . . in the collapse my CC's got held and the bank covered those balances from my savings and the leasing company under economic pressure to sell their assets repossessed "my" truck. I sold my shop equipment and stock for pocket money and worked at night to pay off back store rent.
I found myself penniless, unloved, alone and on the street.
I vowed to never get myself in that sort of situation again. Where my life can go up in a puff of smoke and now I carry no bank loans, no credit cards or mortages . . is it possible Yes Definately Is it easy Not on your life
The credit world is so seductive and almost impossible to resist expecially when times get tough . . . the "oh Ill get a CC as security" makes so much sense and doesn't work . . . did I do this all myself because Im some special being?. . . NO I did it because I lost access to credit because of this incident and had a zero credit rating, so I had to work with what I had , no choice and I learned Credit is Not Necessary to be successful and in fact was distorting my judgement & decisions.
This is why I work in a way where stores sell my jewelry then pay me . . . If times get tough I want them and me to have some money in the bank and credit literally sucks any money you have, out of your bank account!
I also don't want them to suffer and Im ok because I have their money . . . that would be counter to the lesson I learned, for me it must be a win-win which is why I work this way.
I compare my credit experience to putting my hand on a hot stove. I won't be doing that again!
"Cash is King"
Crystal Earth Studio LLc Naples, Fl. Phone: 1-866-345-1910 Fax: 1-866-422-0002