That's the "another-shot-of-the-hair-of-the-dog-that-bit-ya," cure for a hangover theory, and its kept many an alcoholic on the juice until their livers called the game over.
Fearful that her bank might cut her off from borrowed money, her solution was to borrow money she currently doesn't need. Now she's got a bigger monthly payment on that unneeded cash, including interest. All because she wanted a "stash," just incase.
Now, if that's not the description of clinical addiction, I don't know what is.
Across the country, consumers are increasingly relying on credit cards to stay afloat. This week, the Fed reported consumers are boosting their use of credit cards. In February, Americans had $951.7 billion in total revolving debt... Credit counselors say they have started seeing more people turn to their credit cards to cover everyday items.
"Food, fuel and medicine-people are charging their day care, even their tithes to church, and any incidental items," says Gail Cunningham, a spokeswoman for the National Foundation for Credit Counseling in Silver Spring, Md.
This is particularly disturbing. I was raised by parents who ran their own business. They taught me that credit was a business tool, not an income source. If there was no way to make money on borrowed (rented) money, then it was stupid to borrow the money. Even the family car was bought with money, not credit. And a home mortgage was something to be paid off as part of the family's retirement planning.
Of course, back in those days (the 50s & 60s) credit card companies weren't shoving plastic into the hands of anyone with a pulse. Not that there's anything wrong with credit cards. They are convenient little buggers, safer than carrying a lot of cash and quicker to use than checks. (Don't you just hate it when someone at the grocery store keeps you waiting in line while they write a check?)
So the cards are fine. Just pay them off in full at the end of every month. Is that so hard?
Apparently it is:
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).
