Changing Debt World

Today's debt management culture is so different than ours. Our mortgage is just about paid off. We do not owe on a car. But we do have credit cards. My son is in high school, and he is already being inundated with a 'have it now' attitude. I am just glad that we are not in the UK where the banks give credit cards to students free, without seeing if they have a job, because 'legally' it will be the parent's responsibility to repay the loan even if they didn't know about it.

You can even get advances on life insurance premiums, release equity from your home, and receive cash advances. I worked one place where everyone was issued their check 2 days before payday so there was no 'rush' on Friday night. Of course, everyone ran out and got a Cash Advance.

There is a cost, as much as 20% of the check, depending on the service used. I think that a cash advance is an excellent idea. There are times when I have run out of money - and face it - you will lose the same amount of money if you use a credit card.