The twenty-first century is a credit culture. Indeed, ever since the beginning of the twentieth century, and most acutely after the Second World War, Western nations have become naturalized to a system of debt and credit.
This might mean an entire nation being in debt to another – or to a centralized organization like the World Bank – or it may mean an individual being in debt to a donor government, charity or council authority which has issued a loan.
Lending and borrowing has become so widespread and even unchecked that in 2008 its unhindered development led to the credit crunch and the prolonged recession we now find ourselves. Being able to borrow and pay back large sums of money is a delicate skill – and an obligation in the current economic climate.
Even finding out about how you fit into the system can cost money! Many of us are busying ourselves in our spare time trying to find a reliable and free credit report score (try Credit Expert), which tells the individual how they ‘rate’ in terms of borrowing and lending (i.e. how reliable they are in paying back loans).
Knowing your credit score is both an asset and a good bargaining tool. Most of us are concerned about it because your credit score is essentially a measurable and widely recognized way of representing your ability to borrow money and pay it back responsibly to a bank or building society.
