Car Quote by Dave Ramsey
“Your FICO score is an "I love debt" score. You're going to pay a bazillion dollars in interest to keep your FICO score up in order to have lower homeowner's and car insurance rates.”
About This Quote
Source Book: The Total Money Makeover, 2003
High credit scores are maintained by paying interest, which can be costly; lower scores can reduce insurance premiums.
In simple terms: Credit scores cost interest.
Key Takeaway
Weigh debt cost against insurance savings.
Themes
finance
debt
insurance
credit scores
Mood
practical
cautious
Type
financial
advice
When to use this quote
- buying a home
- car financing
- insurance shopping
Key Concepts
economics
risk management
Questions to Reflect On
- Is paying interest worth the insurance discount?
- How can you improve credit without high interest?
A Different Perspective
Lower scores may affect loan approvals.
