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.’ ”
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3 comments:
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.
-JPZ
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.
Very nicely done!
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