|
Pitfalls of Canadian Credit
Life, these days, is governed by the culture of Canadian
credit. In this highly materialistic world, you feel you
can't afford to be left behind so you resort to taking
credit. Moreover, the incredibly tempting offers flashing
from every corner are hard to resist. Thus you invariably
get into the habit of spending more than what you earn.
Have you ever realized that you become a Canadian creditor
as soon as you apply for a credit card, Canadian personal
loan, interest free term, mortgage, or even an I.O.U. at
your local grocery store? We also become debtors of our
friend when we ask them for some money to get us by till
until our next payday arrives.
Basically, that's what credit means--to spend now and pay
later. Canada credit, by itself, is harmless but it is
this habit of postponement that becomes compulsive and you
find difficult to break. You start putting off the payment
of bills, and they keep piling up, till you are almost
drowned in them. In your enthusiasm to keep up with the
Joneses you land yourself into serious trouble. You have
no money to pay your bills and you start taking more
credit to pay off debts. You feel trapped in this vicious
circle and get so desperate that you want to run away or
just call it a day!
The credit agencies have their fully developed mechanisms
to get their money back. They put collectors on the job
who turn your life into a never-ending
nightmare,perstering you with persistent calls and visits.
So much so that you get paranoid and stop answering the
doorbell or the phone bell.
In this scenario, social responsibility of credit agencies
is even more pronounced. They should make sure that those
applying for credit do have the means to support it.
Credit
agencies normally approve credit to people applying by
furnishing bogus information and never crosscheck with the
reference they had sought. The paradigm shift of society
should be carefully studied and remedies found. Earlier,
it was totally acceptable to live within our means and
without luxuries. But in this century, it has become a
fashion to
live a life of luxury even if credit has to be taken for
it. Budgeting and saving have become practices of the
past.
It is the prerogative of an individual to decide their
spending and saving behavior. But one must not
underestimate peer, family and media pressure.
About
the Author
Gutschrift Halteseil is the owner and operator of Ya
Credit, Inc, a leading Internet portal for credit
information.
|
|
