Dave Ramsey asserts that having a credit score is not necessary for financial thriving, emphasizing that it may actually incentivize debt. While many financial experts advocate for maintaining a high credit score, Ramsey believes this focus can lead individuals to take on unnecessary debt, as credit scoring systems reward this behavior. Paying outright for purchases can lead to challenges, such as higher utility deposits and insurance rates, especially if credit history is checked. However, for those capable of managing their finances wisely, living without a credit score can be a feasible option.
You can thrive financially without a credit score, but it involves challenges, like paying cash for essential purchases, leading to larger deposits and potentially higher rates.
Dave Ramsey argues that focusing on good credit can hurt your financial well-being, as it often encourages debt accumulation for a higher score.
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