Posts Tagged ‘creditworthiness’
“Creditworthiness is like virginity, it can be preserved but not restored very easily” — Warren Buffett
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Warren Buffett is saying that once you lose your creditworthiness or reputation for paying back debts fully and on time, it is very difficult to regain. Just like virginity, creditworthiness is something that can be maintained if you always pay your debts on time, but it is hard to rebuild your creditworthiness if you have a history of late or missed payments.
The key message is that maintaining a good credit history and reputation for creditworthiness is important, as it cannot easily be restored once lost.