The 'buy now, pay later' trap

PUBLISHED : Tuesday, 30 September, 2008, 12:00am
UPDATED : Tuesday, 30 September, 2008, 12:00am

I have always been interested in current affairs. I want to keep up with what's going on around the world, especially the business environment. For example, I like to know the best places to put our money so that it can grow.

I think this is something that too many people do not give enough thought to.

As companies promote the slogan 'buy now, pay later', many people are lured into a false sense of security. They believe a loan here and a loan there will not do them any harm.

They can pay the loans back later, right? Wrong. All they do is dig themselves deeper and deeper into debt and finally go bankrupt, as so many companies have recently.

When powerful companies go bankrupt, governments step in to save them, as the United States is doing now.

Governments don't step to save ordinary people.

My advice is, think twice before you buy anything and spend only what you have earned. Remember: you may want it, but do you really need it?

Jake Morey

From the Editor

Thank you for your letter, Jake. It is always great to see our readers taking an interest in the news. Consumerism is one of the biggest issues facing western citizens today. We're told that we need to buy, buy, buy to keep the money flowing. It is interesting to note that mainlanders tend to save more money than we do.

We can see the folly of the idea of buying more than we can afford right now. The United States' market woes will affect the whole world. I hope people learn from this mistake and prevent it from happening in the future.

Susan, Editor