Credit Cards – A Love and Hate Relationship
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Our society loves to use plastic. We love it because to promises us to bring convenience, speed, reassurance, and most of all, satisfaction with the purchase. You may not have the money today but the plastic allows you get it today and worry about paying for it tomorrow. It is this ability that has allowed the extreme growth in the western economies and especially that of the United States. We don’t have to defer gratification for any of our desires. While this is very beneficial for the individual making the purchase and extremely beneficial for the banks they have to be used with discipline. Over use can quickly spiral out of control.
Credit cards allow you to make purchases when you don’t have the cash on hand. This makes the use very easy because if you had to pay in cash you would quickly see the magnitude of the purchase and probably have second thoughts on the merits of the purchase. As long as you can replenish that money within a suitable time period, no-one will get angry. However, there is no way of the vendor knowing that you will be in a bad position to actually pay for the purchase, and indeed they have no reason to care. It is the bank who will have something to say about it when you fail to make payments that they were expecting you to make. And the thing about that is that banks have a way of making their desires known when it comes to paying back the money.
So, what is the lesson learned? Be careful with your credit cards and don’t fall into the trap that so many find. Have the credit available but use it sparingly and the banks will love you.
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