Sunday, July 11, 2010

Buy More Junk on Credit! – We’re Doomed

The front page of today’s Chicago Tribune business section has a headline:

“Bailing on debt… Consumers are carrying smaller balances on credit cards, so issuers are ratcheting up reward programs to boost use.”

I hope we’re, collectively, not so stupid to buy into the credit industry’s pitches and buy more crap we don’t need and pile up debt all over again.

Surely we’re not that stupid. Of course today’s Tribune also reported 10 million people watched “The Decision” regarding LeBron James. We’re doomed.


Perplexio said...

Happily I was @ a certain writer's group meeting. I believe most of the 10 million watching the Lebron James decision were in Cleveland, Chicago, Miami, and LA (all of the cities courting Lebron's talents).

There's actually a hockey player right now trying to land a 100 million contract (10 million year for 10 years). Only 2 teams have expressed any interest in him and I don't believe either is willing to give him a contract as fat as the one he's requesting. A little different than basketball in that regard. Hockey players may believe they're worth that much but with low salary caps (I believe it's at 56.7 million per team/per year) but there aren't too many teams willing to give up almost 1/5th of their cap space for a single player... Maybe the NBA should take some lessons from the NHL...

I wonder how much I'd have to spend on my Chase card to get Lebron James rewarded to me with my reward points! Need a sham-wow or a buckwheat husk pillow? I've almost got enough reward points!

Dan said...

Sadly my job lies somewhere within the beast, and I can assure one and all that too many people are assuming the purchases they make are going to become a free dress that would look ok on a commerical actress or a free trip to Europe. It won't. Buy what you need to buy and pay it off. Anything else will cost you dearly, and it won't stop as soon as you think.