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“A fool and his money are easily parted.” That was an expression I used often when my children were growing up and sometimes made foolish expenditures using their own money.

On a related subject, it was a creative idea cooked up by credit card issuers who saw a unique way to make more money. Even they didn’t realize the enormity of their potential windfall. The plot involved them, retail businesses, and the general public. It was a win-win situation for all involved. For the participating public, it was a nobrainer because for the first time people could make purchases without paying up front. For retailers, it was worth up to 3% cost to get their money up front. Except for the always valuable and appreciated real estate mortgages and automobile loans, this mattery scheme was new and exciting.

For over 50 years now, public credit cards have become a way of life, and in retrospect, one could believe it was liberating and good that the ordinary consumer lacking big savings no longer had to wait to acquire things they wanted. Impulse buying, especially of big items, became easy, but there was – and is – a dark side to the new “buy now, pay later” idea. That little plastic card had the potential to seduce one into acquiring luxuries one might otherwise have done without or waited until one had the cash first. That same little plastic monster has made debtors out of many people who suddenly find they cannot ever seem to pay their monthly bills, and this is where they get sucked into monetary quicksand for all the nebulous pleasures of acquiring more stuff. It’s called Instant Gratification. So often we let stuff own us. The most dangerous time of year is the Christmas season, when countless otherwise restrained people experience an irrational exuberance and overextend themselves. They foolishly purchase much too much, then take months enslaved by outrageous interest rates, sometimes upwards of 25% on the unpaid balances, and these rates are imposed by the credit card issuers. Some people don’t ever get out from under.

Now, for some motherly advice: for starters, our lawmakers should put reasonable ceilings on credit card interest rates, but that won’t easily happen. Nothing will change until people stop overcharging on their credit cards and pay up their dangling balances once and for all. If that’s not possible, then it’s better to say “Thanks, but no thanks” to credit cards and live within your means on a case basis. You will then experience an indescribable peace of mind by not being in debt. It is well worth it.