Leader: Christmas on the credit card can be a curse
Friday 16th December 2011, 12:30PM GMT.
Spending across Shropshire this Christmas has been huge, running into many millions.
You would not think ordinary people had so much money, given the current economic circumstances.
And you would be right. Because a lot of people are spending money they do not have, and are absorbing the immediate impact through the buffer of their credit cards.
It is painless spending. You do not see the money disappearing. In this way a credit card habit takes root. It is the pathway to a deep pit of debt from which there is no escape.
In the past 10 years, the number of bankruptcies in Shropshire have trebled. For companies, the environment is tough and banks, whose greed and recklessness created this mess, are now playing hardball.
For individuals, the circumstances will vary wildly, but the fact of the matter is that both as a country and as individuals we have been seduced by the attractions of living on credit.
Instead of being used for one-off large purchases, credit cards have become lifestyle accessories. It is easy to get carried away with the buzz, and a lot of people do. The increasing debt becomes like a supertanker which is difficult to turn round. Step one is to adopt some self-discipline and stop using the card. Unfortunately, as lack of self-discipline is the underlying problem, this first step is the hardest.
There may be another factor behind these soaring bankruptcies. Going bankrupt was once an unthinkable disaster. Today some see it as a pragmatic option and are prepared to accept all the disadvantages that being declared bankrupt will bring.
Far better though not to get into that position in the first place.
Think twice this Christmas before using your credit card. It may seem a trusty friend, but it will quickly betray you.
Most Commented
- Clampdown on Shrewsbury chuggers
- Bishop's gay marriage views do nothing to support bible teachings
- Letter: Alcohol price plans annoy me
- Planners ordered to stay on Newport visit bus
- Letter: Angered by close encounter of the furred kind
- Letter: No sense in overseas job adverts
- The Bleak Old Shop of Stuff doesn't raise a smile
Shropshire Star on Twitter
Keep updated with the latest breaking news and content on our Twitter feed.
Lifestyle
Interactive Dining Out map
Hundreds of reviews by the Shropshire Star and Express & Star's teams to help you decide where to eat.
Entertainment
All the film reviews
Before you plan a trip to the pictures, get our critics' verdicts on all the latest movie releases.
OUR NEW APP
Get the new Shropshire Star app
Download the Shropshire Star’s new app to your iPad or iPhone to get one week of access to our digital newspapers absolutely FREE.
shropshirestar.com
Popular sections
Useful links
To be blunt grow up and be frugal and responsible, stop spending what YOU do not have.
Report abuse
A credit card is a piece of plastic.
It has no mind of it’s own.
You have to supply that.
Report abuse
I suspect financial institutions ‘think’.
Report abuse