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My mother always told me that having good credit standing was of utmost import if one expected to live a reasonably comfortable middle-class life. She constantly reminded me that we of the working class would never have enough cash around to buy the things we would sometimes want, or more importantly, need. That's where loans, etc. came in. And, of course, you had to be worthy of lenders' time and money.

It doesn't end there, once capable of lending, you'd need to be wise enough to not fall into debt as more than enough people often do. A friend once got a bit carried away and maxed out 4, count 'em--4, credit cards with no idea how she'd be able to pay back what she owed. She's now in dire need of credit repair. Another friend who works in the US told me recently that debt problems are so rampant over there that there are now companies that specialize in credit repair services. The companies provide assistance and guidance to people who need to repair credit standings and generally be free from debt.

A good lesson someone taught me about credit was: use it as seldom as possible and when you do, pay straight.