Michael said to me recently: Money is good but credit cards are gooder. With credit cards you can buy anything you want and you don’t have to pay any money.
I tried to put him right but he explained to me that he had seen credit cards in operation in the toy shops and knew that his approach worked. I fear that he may not realise what people are saying about this attitude.
In his defence, he is only five. I hope the subordinated bond holders will let him off with a stern talking to.
Precisely why I don’t have any credit cards. Only debit ones. If I can’t rein in my spending, the bank will, and sharply about it, too.
That’s not our experience of spending in this jurisdiction, more’s the pity.
He has the makings of a banker. Before you know it, he’ll be spelling F O R E C L O S U R E.
I know – they’re sending bankers into school to explain this stuff to them, no really – see http://www.juniorachievement.ie/about.html