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Fuck the FICO: Why Cash Beats Credit When the Economy Gets Ugly
Steve Rhode, the old Get Out of Debt Guy, and Damon Day, the new Get Out of Debt Guy, tackle a big uncomfortable truth: your FICO score is not your financial life. In this episode, Steve and Damon talk about rising fuel prices, shrinking credit limits, Jamie Dimon’s warning about a possible credit-led recession, and why clinging to a “good” credit score can sometimes keep people broke.
They dig into why banks can cut your credit lines even if you’ve never missed a payment, why available credit is not the same thing as emergency savings, and why the right debt solution may be the one that…
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