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Monday, September 07, 2015

THE CREDIT LIFE

 Workers are at home enjoying their holiday today, well not all! The dollar shop close to me is opened and of course grocery stores and essential services. This is the right time to talk about credit since it is about income earners today.

You see, when I first heard about the credit palava, I was like; 'Why get credit  card when you have your debit card? I came from a country where you pay cash for everything! So, we declined to get a credit card. It was when we were told we had no credit ratings when we wanted to lease an apartment and buy a car, it dawned on us that we must get it by force by fire! So hubby got it and joined my name to his account to curtail our spendings while I had debit with my own account.



It is enjoyable to spend money you are yet to earn o! To pay back, that is where the trouble begins! The gbese (debt) many income earners are in ehen! No be small thing! A guy said that when his gebese got to $10k, he hid his credit cards to avoid temptation and was spending his debit and paying back his credit gradually. Some credits are fried! Some credit information are stolen! This is why banks and individuals are very alert and cautious. I went shopping with one of our credit cards and it was declined! I called hubby who traveled. He was also using the same credit card,  and we have passed the agreed limit! I had to go back home to get the second credit card while he called the bank.  


Let me use this analogy to explain how some income earners behave; A $500 debit card was given to two friends each to purchase a washing machine. One of them bought $400 worth and saved $100. While the other bought $700, taking a credit of $200 from the shop with a promissory note to pay within a certain time or the item will be collected back. She was not able to meet the deadline and ran to her friend, for help, the friend refused. Some income earners live above their means and expects to be bailed out by friends. There is someone I know, who is no longer credit worthy, and is paying back a huge chunk from paycheck, this individual asked for our help to offset a debt, incurred again, which we refused, explaining we were on a tight budget. Can you believe, this person is no longer friendly on social platform? HABA! We are a large family living prudently, not because, we don't know what we want, but simply buy what we need!


Dear ALL income earners, as I wish you a happy labour's day, PLEASE,  live within your income! You DON'T have to be like the Jones! Having credit is helpful but also hurtful, when not well managed! HAPPY LABOR'S DAY!!! YE-HAW!!!!!!!

11 comments:

  1. Happy new month. Hope you had a good Labor day celebration

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    1. Happy new month to you also Okeoghene.

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  2. Chai! This "not using a credit card" was one of my culture shocks when I first left the shores of Naija. When our HR gave me the bank forms to fill, I told her that I did not want a credit card. The woman looked at me like - "look at this Mgbeke Nigerian girl that is being given a credit card the day she set foot in the UK and she says she does not want.". She told me that some people work for many years to build up enough credit history to even get a credit card, :D

    I still told her I did not want and she advised me to collect it that I will need it later. I collected it and hid it away. One day I wanted to book my flights to Naija and found out that my credit limit on the card was not enough - the debit card was not a VISA card and was not accepted by BA. I called the bank to find out why I had money in my account but could not pay with the card. They said I had to owe, pay, owe, pay for them to increase the limit. I was like: on top my own money kwa? lol

    Truly shocking for me because then I did not understand how owing a bank is better than not. Long story short, I used it for a few groceries and by the next billing cycle they increased the credit limit by more than 200% I had to call them to stop increasing eeee, that where I come from, we only spend money that is ours. :D

    It's surely helpful and this kind of credit facility is what drives a country's economy but it is very easy for people who lack control or knowledge of personal finance to run into debt.

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    1. Ahahhaa! It took me a while to understand it sef! So we buy with credit and pay with debit, even though, we have the cash! Yes 0! They increased our credit without telling us first! I was like; Alakoba be these pipo o! ahahaha. Thank you very much Flo.

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  3. I don't like the credit culture in America, and glad we don't run it here. A country that forces peoples hands people to live on credit is not interested in the long term prosperity of majority of its citizens.

    Anything for the Boys?

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    1. They dare not try it in 9ja o! Wo! oni gbese go repete for ground! The scammers will have a field day chopping money that is not theirs! Abeg, I like our cash society in 9ja . It checks and balance so many things.

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  4. Hey booboo....
    Thank you for the lovely comment on my YT video...xxxx

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  5. This is a huge culture shock for a lot of people. but it still all boils down to living according to your pocket!

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  6. Lol the very slippery slope of credit cards!

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  7. Your blog is very nice,Thanks for sharing.

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