Battery111 wrote:They were talking about how for some of their everyday purchases they will select credit rather than debit when using their debit card to boost their score and improve their report. I just didn't even know where to begin with this, and I was only sort of part of the conversation so I chose not to spend the next couple hours explaining basic credit knowledge. But I will somewhat shamefully admit I was amused at the level of ignorance.
I haven't heard that one per se, but it doesn't surprise me and honestly seems like a fairly logical conclusion to jump to for someone who just doesn't know how it works and was trying to guess. The truly sad thing IMO isn't this particular person's ignorance, but the fact that it's emblematic of an education system that doesn't teach even the basics in personal finance management. When I was in school I was an A student who went all the way through elementary school, middle school, high school, and college without ONCE having a class that talked about credit scores or what a credit report was. Granted I wasn't a finance or economics major, but this is basic stuff that should be part of the core curriculum for all students.
I know very intelligent, older adults who to this day aren't any more informed about the topic than the young adult in your story. It's not because they can't understand credit or find it confusing. It's just that no one's ever sat them down and given them the information and they've never had the inclination to seek it out on their own.