Credit card. a word now very familiar with many Singapore working adults and around the world. Its usage is a double edged sword and during the last Asian economy crisis, we can only second guess how many people died in it, family changed forever etc...
So is it evil? Not really. How many of us have more than one credit card? Myself has three and it just gets easier to get credit card than get a pay raise. True it allows one to 'use first, pay later', true it allows us to tide over tough times. It allows flexible in adjusting our payment to allow us to do more with our $. For all its good, its behavior is like fire, a good servant but an evil master. Untamed, credit card debt can bankrupt a person; used wrongly and hell looks like everyday affair.
Its behavior an equal to a legalized loan shark. After all banks need to 'feed' and so does the economy. So more important is how educated on the usage of the credit card. US is in bad shit and it just get bigger due to its credit issues. One of these days if all the banks in the world decide that USD is not worth protecting, US will move from a 'superpower' to a 'super debtor'; USD will not be used a a reserve currency and boy will we see a grand of things. For better or worse, lets place our faith in our leaders to do the correct thing at the the correct time.....
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