Saturday, August 9, 2008

Stretch Your Leg Only As Far As Your Blanket

Today's New York Times features an article on the growing scourge of credit card debt in Turkey. This is a nation where borrowing money was exclusively a family affair up until the last two decades--many Turks did not even have a bank account when they signed up for their first credit card.

The article is interesting, but I'll admit I'm linking to it here mainly because I love this proverb about living beyond your means:

“We did not listen to our ancestors’ proverb,” Mr. Kaya said. “ ‘Stretch your leg only as far as your blanket.’ ”


Anonymous said...

I am new to this world of debt due to the most benign identity thief, but I am finding all sorts of oddities. How about a 'secured credit card,' - a card that you place a deposit on and that is your credit limit - that has an annual fee? People of my approximate generation are being inundated with advice on how to be fiscally responsible, and some of that means creating 4 lines of debt that I should have open at all times. My blanket is nowhere near that long.

JM said...

I hear you. I love it when I get dropped from credit cards for being what they call a "deadbeat." In their lingo, that means I pay my bills on time.

Now that ATM cards are ubiquitous, I'd prefer never to use credit--keeps the blanket well within sight--but apparently, not being in debt is bad for my credit ratings.

Charles said...

Very nicely done!