I have always been told by my grandparents that we should only get "stuff" if we can afford to pay for them.
My grand parents owned everything that belonged to them.
They would work and save up their money for the things that they needed and would only purchase when they had saved up enough money to pay for it outright.
I grew up in the Caribbean, and in addition to purchasing what you could afford, borrowing was not encouraged.
When it happened it was with very specific rules.
If we borrowed anything from any body we should always return it the same way that we received it and also that we should return it on time.
In addition, we were taught that it is extremely important that we keep our word.
"Your word is your bond" they would always say.
Keeping our word meant not straying from any agreements that we made with our friends, our neighbors or any one else for that matter.
We were always taught that going back on a promise meant that we would no longer be trusted and without trust, we would always be facing an uphill battle in life.
How much things have changed.
Now I do not mean to sound self righteous, neither do I mean to come off as judgmental.
I am simply stating a philosophy of life that was practiced at a different time in life by a different generation.
However, some of this advice still bodes well for our society today.
Sometimes we need to make principled decisions.
Particularly in these difficult economic times having access to a credit card can literally mean the difference between life and death.
Many people of varying socio economic conditions have to make tough choices and sacrifices as to how best to keep their families afloat.
Some of the most basic things that we need to survive like food, clothing and shelter can become threatened in a minute.
Many working families live from paycheck to paycheck and do not have much opportunity to save for a rainy day.
When that happens we have to do whatever it takes to care for ourselves and our families and that is where credit cards have become a necessary evil.
In order to make ends meet, lots of people today rely on their credit card because their very survival depends on it.
So what then is the problem? Credit cards are exactly what the names imply.
CREDIT cards-this means that when a vendor or any one extends credit to someone else, by the very nature and use of the word they are extending confidence in the other person's ability and intention to pay.
That confidence is displayed by entrusting the buyer with the goods or services that they need without immediate payment.
Many times, it is easy for the buyer or the person on the receiving end of a credit card to not view the use of and payment of credit card the same way as they do commitments made with a hand shake or looking someone in the eye and saying you can count on me.
When we apply for credit cards online, it is very impersonal.
We scroll down a computer screen without reading or paying attention to the terms and conditions related to the card for which we are applying and to which we are agreeing.
We hurriedly click on the submit button in full anticipation of the response that will be immediately shown to us saying you are approved.
Maybe we lose our humanity in these types of transactions because they are so impersonal.
One generation later, although buying anything on credit was not looked upon kindly, my parents generation had understood that it was OK to use credit for major purchases like homes and cars.
Furniture, household items, clothes, food, toys for kids and other miscellaneous items were still always paid for in full.
Today, we live in a society where everything is so instantaneous.
We strive on instant gratification.
We have forgotten how to make sacrifices.
Unfortunately, the ease of not only getting a credit card but also having the flexibility of making minimum payments that are extremely manageable, have gone have played in to and encourages our need for instant gratification.
We no longer have to wait a lifetime to purchase the things that can improve our quality of life.
What then are our guiding principles today with regards to credit? Do we still need to pay back our creditors for what we owe? Should we still keep our word and make our payments on time as we agreed to? Should we return what we borrow under the conditions that we had agreed to? How we respond to these questions will determine whether or not we contribute to a culture, a country a world that owes or pays its debts.
Stay tuned for more on this topic...