Welcome to the age of the Plastic Culture, where the future holds endless possibilities and the promises of a rich and famous lifestyle. The only catch is that you just need to swipe and spend your future earnings today with the Plastic in your hand.
If you have read through the Budget 2007 downloadables, you might have noticed that there’s a little section on Credit Card Business.
If you hadn’t, here’s a quick snapshot for you.
An impressive double-digit growth in credit card circulation since 2001. Actually, I am not sure how accurate these statistics are; I have 4 credit cards from different banks, 3 which I have never used them for more than a year.
Anyhow, the rate of credit card circulation shows that it’s easier than ever to subscribe to the “Plastic Culture” and the figures correspond also to the aggressive promotions and marketing campaigns by these credit card companies for the past few years. These companies will do anything, almost anything to get you to own their cards.
And the best part of the whole section is here- rate of Bankruptcies caused by “Plastic Overdose”.
Close to 10% of total bankruptcies in year 2005 is attributed to Plastic Culture. Bankruptcy is no good and you’ve been warned here.
And if you are going for the rewards and goodies, think again the risk you are taking. Every reward points you are getting for every 1 Ringgit you swipe at the cashier is probably worth less 1 sen, in other words, you are getting about RM 10 for every RM 1,000 you swiped. Considering the amount of risk you are taking on possible Plastic Overdose and Plastic Fees & Charges, I will opt for the Debit Card anytime.
While we are at this rewarding chapter, I once had a plastic dealings with Alliance Bank which due to some confusion on their end, the card was terminated with more than RM 10,000 worth of points in it. I appealed but apparently might is right, and ever since then I never deal any businesses with them crooks again.
One more thing to stress though is the act of using credit card is often attributed to convenience. This statement is only partly correct; the Plastic is only convenient when there’s an emergency situation, period. In all other scenarios, cash is still KING, and nothing is more convenient than cash, or a working ATM.
What about the COOL factor? I don’t know, I just can’t help but worry for the guy in front of the line who could be swiping his next month’s salary away.
To sum it up, here’s a line for Plastic Culture: The future (tomorrow’s debt) is here now!
You might want to read these too...
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- Your Life= $?;
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ShadowFox
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killarkai
