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Dignified and Modern Credit System circa 1918
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Looking through a magazine dated 1918, I came across the following ad: "You are invited to open a Charge Account with us. We have already convinced thousands of people in this State that our Credit System is DIGNIFIED AND MODERN. A small sum down, balance in weekly or monthly payments."
It made me smile.
What a sweet, old-fashioned way of saying "We invite you to go into debt."
But the smile faded. That is some slippery slope that led from a dignified and modern charge account being offered in 1918 to the thousands of dollars in credit card debt I'm currently paying off.
My father had warned me about the dangers of misusing a credit card and advised me to "cut it up" and pay cash. But I insisted on my own way and set about adding to my collection of cards, thinking not at all about the interest rate, feeling that it was indeed "credit" I was using...not "debt."
It took many years for me to wake up to the fact that I might be paying $100 for the use of a $20 bill. That I was paying for meals and entertainment months and years after I had enjoyed them. That I was pretty far down that slippery slope, and it was a very long way back up.
I suppose there are lots of things I wouldn't have done, and had, and given as gifts to other people, especially at Christmastime, if I hadn't had my "debt" cards. But I also know that if I had not used them, I would be able to keep more of my paycheck each month. And maybe I would have a healthy savings account too. (Savings can build up almost as quickly as debt if you are as consistent about saving as you are about debting!)
So instead of saying "Charge it" I have finally learned to say "No thanks." I'm doing without some things now, but I have more peace of mind and I'm making some progress in paying off my debts. It seems to me that is the dignified, modern and smart thing to do in 2003.
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