Some say that it's a necessary evil while others say that the previous statement is just an excuse. Credit cards are everywhere now and almost everyone has at least one while in some extreme cases, some have up to 6 or 7 of them.
So much depends on plastics these days and one can use it almost anywhere. Lately fast food chains such as KFC have begun accepting credit card for payments and some sundry shops have also begin placing POS (Point of Sales) terminals at their corner convenience store. Read past the other “noise” and “junk” in our current dailies, tv, blog, etc… and you’ll find the issue of how KL’ites and Malaysians in general struggle with their mounting credit card debts.
I had originally drafted this post to be going in one direction but after reading
this article the other day, had me change my mind completely. I had planned to write about the trend of buying groceries at your Tesco or Jusco using credit cards but this really takes the cake. I mean what on EARTH that you need a credit card for when shopping at
7-Eleven?! I don’t recall the store selling anything expensive like liquor while the gums and condoms (which always seem to be placed side by side) that one normally associates with credit card transactions to be bought using the credit card would be a joke.
I have never, EVER seen anyone spend more than 50 shringgit at the 7-Eleven stores. What’s scaring me is that have we KL’ites become so plastic dependant that we start using credit cards to buy newspapers or chewing gum? Granted that the unfortunate lady may have not have enough cash at that time (she did ask for the nearest ATM) but the thought of using her credit card at a convenience store really irks me somewhat.
Sadly though, I know of so many people who literally live on credit cards because they don’t even see the wages that comes in through their monthly pay cheques. These are the people who have been forced to use credit cards for their daily expenses. It has become no longer a convenience but a definite necessity to survive. Maybe that’s why your local sundry shops have begun to accept credit card transactions, an upgrade indeed from the old 555 book.
I still believe that the credit card is a convenience and not a financial substitute for real cash money. I use my card (notice the plural lingo) primarily for petrol and bill payments with the occasional fine dining with my significant other. My family firmly believes in paying for our monthly groceries with cash as this helps to ensure that we’re within our budget. Credit card gives people the false sense of buying or purchasing power that they may not necessarily have.
One of the main drivers for the popularity of the
AKPK agency lately is our inability to practice prudent financial management. Visit the website and read the real case studies and you’ll see the recurring theme instantly. KL has a nasty side to it. It sucks you into the whole glamour of the city lifestyle and before you know it, you’re spending more than what you earn and begin depending on the plastics to maintain your so called status.
There are good loans and then there are bad loans. Obviously a house is an example of a good or necessary loan while the examples of bad loans can be limitless. No one can live without borrowing, not anymore these days but having said that, it isn’t an excuse to loan poorly. Prudent financial management isn’t the current fad or in thing being banded around lately, it’s a fact of life. Manage your finances or it will manage you.
The people that I shared the paper clipping had little or no sympathy for the lady what so ever. To them, the fact that she even CONSIDERED paying her 7-Eleven purchases using the credit card is astonishing enough to outweigh the rude clerks manning the 24 hour convenience store.
Theoretically, could one go through an entire day without spending cash at all? Let’s imagine the following scenario.
- Morning breakfast, newspaper or ciggies at 7-Eleven using a credit card (new to me for sure)
- Drive through toll using Touch’n’Go automatically reloaded using a credit card
- Parking at the office paid using money deducted automatically from your salary
- Lunch at KFC paid using a credit card
- Using your other credit card to pay the minimum payment on this credit card to get the bank to stop bugging, temporarily
- Re-fill the car’s petrol on your way back home using a credit card
- Eat your home cooked dinner from groceries bought using a credit card
Hey, it’s not entirely impossible to through a day without using cash indeed!
Even as I’m about to end this post, I can’t help but still be perplexed at someone actually going to a convenience store with the thought of paying using a credit card. Ssshhheeessshhhhh…..
Cheers!!! :D