Do you think its too easy to get credit nowadays?

**homesteadmamma** · 01-04-2004, 01:58 PM

Being my age, I remember when my parents wanted to get a mortgage for a home. They had a million questions they needed to answer and you could not get a mortgage over the 30% of your income. At that time it was 30% of your income.

You could hardly get a credit card unless you had a steady income and good credit rating.

Nowadays, you can pretty much get a cc on any given day. In fact, I've know of people who have put their dogs names on their applications and have gotten cc. Sugar, I get approved cc applications for $50,000 and I don't even work. Its only because my name is always on the checks when I pay our bills.

Do you think its too easy to get credit today as opposed to days gone by?

**BlessedMommy** · 01-04-2004, 02:09 PM

Our church has a Finacial Peace class using the Dave Ramsey videos and book. The class that ended just before Christmas had about 50 people in it and over the 12 weeks the class met they collected the credit card offers that were mailed to them. Those 50 people were offered a combined total of (drumroll) $33 million in credit!!!!!!! Unbelievable!
(That same class also cut out about $35,000 worth of personal credit card/car loan debt!)

**BlessedMommy** · 01-04-2004, 02:11 PM

Forgot to answer the question

Yes, I think it is much too easy!

**guest2** · 01-04-2004, 02:26 PM

Yep, we average about 10 offers for credit cards a week in our mail. We have even gotten applications sent to us in the kids names!

**Heather** · 01-04-2004, 02:40 PM

Absolutely!! Way too easy. I was sent a card one time and for the heck of it I called and no kidding I could have rung up $10,000.00 THAT day!! It was for a $10,000. limit no questions asked!

**PrairieRose** · 01-04-2004, 02:49 PM

Absolutely. You can have your name taken off of the mailing lists....I forget the name of the place though. Anyone know? It works b/c we've done it and now our offers are down to 2-3 a week compared to about 10 or so.

**voodidit** · 01-04-2004, 03:21 PM

It' hard when you want one but easy when you don't..lol. Dh's grandfather was approved for a $25,000 loan, he's 86 with no job. But dh had him get it so he could pay off the bank loan for the shop because the interest rate was lower and paid off all the other bills he had. It's saving over $400 a monthand since the house will be ours someday it was definately worth it. The payment is lower than our rent is now.