The Bottomless Cookie Jar

A credit card is like a bottomless cookie jar. With easy access to credit, there’s no reason to wonder when the treats will run out, and you are never disappointed. Want a new outfit? Just stick it on a credit card. Want to have dinner with a bunch of friends? Desperately in need of a sunny vacation to beat the winter blues? There’s room on the card and that’s just what it’s for, right?

When credit became a commodity, lenders started hiking limits and offering incentives to take on more cards. People started behaving like greedy children, gobbling cookies without a thought to the tummy ache that would eventually follow. Now Canadians are spending almost 1.5 times what they make every year. Talk about lack of self-control.
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8 Mistakes to Avoid while Surviving these Turbulent Times

Even with a dossier of connection and privilege, you may feel economically marginalized at the moment. But that’s no reason to make desperately bad, frenzied choices.

1. Do not fire your personal assistant to save on bucks – you know you have no idea how to work that profoundly intricate office espresso maker.  You’ll save on one less pay cheque, but make up for it in daily trips to you-know-where to pick up a Grande Caramel Macchiato.

2. Pyramid scams: Icky, lonely, sad and weird, these dicey, shady schemes and scams never work out. Please just don’t do it – nothing good has ever come from it.

3. Refrain from a dine-and-dash at a local eatery during a temporary lapse of judgement, Read more