...but you still have authority over it. Despite how much money you may or may not have, it is only a tool. Just like a hammer. As with any tool, if you misuse it, you'll probably get hurt at some point. So the question becomes, "how do I learn to effectively use this tool?"
Tom SheepandGoats, a fellow blogger,
emailed me recently and advised that the NY Times recently had an
article on the abuse of the elderly that some debt collection companies
are doing to collect on debts. He said he'd mail me a copy of the
article, but I couldn't help but start researching this ahead of time.
What I found shocked me, and I'm a pretty cynical guy.
It doesn't make sense, does it? I've heard many people ask, "how could someone make such a bad decision regarding the mortgage that they took out on their home?" The simple answer is:
They had no idea what they were getting themselves into.
It's 10 below outside, and your furnace just quit on you. The repairman tells you that you need a new one, and it will cost you $3000. The finance company declines you because your credit isn't up to par.
You've obtained a quote for auto insurance. You paid your down payment. Ten days later, you receive a letter advising that your premium is double your quote, because your credit score isn't very good.