Car Insurance
Have you noticed in recent years (starting with the Bush Administration) how car insurance companies are starting to check credit on those seeking insurance for their vehicles.
Why is that? What purpose does it serve? Are those without excellent credit not entitled to car insurance?
Insurance companies appear to be heading in the direction of the consumer credit agencies, and that is, if you don’t have outstanding credit, then you will be totally denied services or will get them at much higher expensive rates.
So this means that those who have plenty of money- or the rich and super rich, who never get into any budget binds and probably don’t know what it’s like to do so, will continue to get the lowest rates possible in the market; while those of us who are flirting slightly above or below the minimum wage level, and constantly go through budget hardships due to below cost-of-living wages, are the ones who are stuck with higher down payments, rates and interest, and therefore, making it even harder on us to meet those terms.
It just seems to be a “backward” consumer credit and purchasing system! Instead of having the lower down payments, rates and interest for those with modest and lower income brackets so as to equalize the credit terms with the income level of those not so fortunate, it is the direct opposite! The poor have the exceedingly higher brackets and the rich are handed the dirt-bottom rates on a platter! It’s BACKWARDS!
The problem when these consumer agencies check your credit, is that all they see is either good credit or bad credit and absolutely nothing else. There’s no room there for monetary emergencies and any unexpected monetary hardships, which, when it happens to someone of modest means, can be a total devastation! Of course, the rich won’t be overcome with such burdens. If their car breaks down, they’ll go to work with their other one- if they even have to work at all. If a loved one suddenly falls ill, they won’t have a problem with that either.
Some of us in these positions know exactly what I mean. I’ve known some very honest, hardworking, taxpaying and law abiding folks, whose cars have had major breakdowns and completely lost their ability to go to work, in turn suffering job loss, residential utilities shut down and other family ravishing hardships.
But are they in any way a lesser deserving citizen than any other? Are they to be cast aside as an unworthy lot and seen as unwanted outcasts with no more potential for contribution?
Is it wrong to help them up a bit, especially if they don’t have any more straps left on their own boots due to life-long hard work for, and continuously underpaid, by the rich? The answer of course, is no! No, it’s not wrong to help them out a bit. I tell you, these folks are very resilient… any little help will get them right back on their feet. I’ve seen it time and time again and have also experienced it firsthand!
But ask this question to the Bush’s, McCain’s and the likes, and you’ll get a loud resounding NO! “Let them pull themselves up from their own bootstraps!” is what they will say. But never ever having been remotely close to those situations… they know not what they are asking. You see, oftentimes it’s just impossible without the means being there. This, they will never understand.
So the bottom line is this, our consumer credit and purchasing system, will continue to cater to the rich until the rest of us are completely left out of the entire system.
Yes, we will wake up one morning and find that we are standing outside- looking in! And don’t ever expect for any of the super-rich to look you up-and-down, and then open the door, allowing you into their fold… it just ain’t gonna happen!