credit cards...friend or foe? Yes
My verdict is: Both. Here are my contentions (I have no idea why I am writing this way):
I am broke. WAY broke. As in, getting final notices and wondering how I am going to be able to pay them. I have borrowed from my mother (which, if you know me, is a very big deal...I would almost rather go hungry), but still am broke. My bills are about $200 more than I make in a month. Yep, its true. It looks so much worse when I write it down. As I have said before, I was living off savings but that has dried up. So, for the past month, I have been using my credit card. To buy groceries, gas, prescriptions and other life costs. This will cost me, I understand. about 7% interest, peace of mind and future monies that I may need. But, what would I have done without it? I was working on finding a new job, and I did. I won't get paid the new salary until about Dec 15.
I agree that credit cards = trouble. As much as I am spending money on things I need, I will admit that I have also spent on things that I don't (wedding magazines, a new sweater...) I found that out in college. My struggle now is whether I should not be using it or is it better to live only within my means and perhaps use government or private help to get by. Or not eat, walk wherever I go and live "within my means'. I don't think so. I see a light at the end of the broke tunnel. I will be paying these back for a while and not enjoying my newfound pay raise as I try to get caught up, but I am taking this on myself. I am not asking anyone to hold me up while things are messy. Friends have helped with food and that has been wonderful, but the majority of it I am gladly handling myself (well, maybe not gladly, but at least grudgingly).
If used responsibly, credit cards can help in a time of need. I think that is what they are actually intended for, they have just gotten caught up in our consumeristic, more, more, more culture. savings is a better safety net, but when that runs out, sometimes you have to break out the plastic.
One problem with this is that many people spend, even on emergencies with no way in sight to pay it back. This is where things get messy. What do you do then? Not pay and ruin your credit, which you need in order to raise your income and status (many companies include credit screenings in employment criterion). It is a terrible cycle. The government is cracking down on things like welfare and indigent health care, leaving many people with no choice. Your kids go hungry or you use plastic. It seems so easy, until the bills and calls start rolling in. Yikes.
I obviously don't have a solution, I just think that the conversation needs to continue to be had about what to do about this problem in our country.
And, until my financial situation changes, I am going to continue using my credit cards, swallowing the feeling of panic that comes every time I do.
I am broke. WAY broke. As in, getting final notices and wondering how I am going to be able to pay them. I have borrowed from my mother (which, if you know me, is a very big deal...I would almost rather go hungry), but still am broke. My bills are about $200 more than I make in a month. Yep, its true. It looks so much worse when I write it down. As I have said before, I was living off savings but that has dried up. So, for the past month, I have been using my credit card. To buy groceries, gas, prescriptions and other life costs. This will cost me, I understand. about 7% interest, peace of mind and future monies that I may need. But, what would I have done without it? I was working on finding a new job, and I did. I won't get paid the new salary until about Dec 15.
I agree that credit cards = trouble. As much as I am spending money on things I need, I will admit that I have also spent on things that I don't (wedding magazines, a new sweater...) I found that out in college. My struggle now is whether I should not be using it or is it better to live only within my means and perhaps use government or private help to get by. Or not eat, walk wherever I go and live "within my means'. I don't think so. I see a light at the end of the broke tunnel. I will be paying these back for a while and not enjoying my newfound pay raise as I try to get caught up, but I am taking this on myself. I am not asking anyone to hold me up while things are messy. Friends have helped with food and that has been wonderful, but the majority of it I am gladly handling myself (well, maybe not gladly, but at least grudgingly).
If used responsibly, credit cards can help in a time of need. I think that is what they are actually intended for, they have just gotten caught up in our consumeristic, more, more, more culture. savings is a better safety net, but when that runs out, sometimes you have to break out the plastic.
One problem with this is that many people spend, even on emergencies with no way in sight to pay it back. This is where things get messy. What do you do then? Not pay and ruin your credit, which you need in order to raise your income and status (many companies include credit screenings in employment criterion). It is a terrible cycle. The government is cracking down on things like welfare and indigent health care, leaving many people with no choice. Your kids go hungry or you use plastic. It seems so easy, until the bills and calls start rolling in. Yikes.
I obviously don't have a solution, I just think that the conversation needs to continue to be had about what to do about this problem in our country.
And, until my financial situation changes, I am going to continue using my credit cards, swallowing the feeling of panic that comes every time I do.
Labels: consumerism., credit, culture
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