One of Popeye’s friends was “J. Wellington Wimpy. He never brought cash with him and would max out his bar tab for just one more hamburger. I assume he did pay his bill on Tuesday, otherwise people would not continue to write him IOU’s. Right?
These days a lot of us are Wimpy. We would go out with our buddies and “forget” to bring our wallets, tell our lunch companions that we’ll get them the next time, or owe the boss money to help us get by until payday. Yes, I did that last one and vowed to never let it happen again when I travelled to Delaware and was completely unprepared for $16.00 in toll charges – ONE WAY. (So embarrassing!).
And then there are Credit Cards. “I will gladly pay you after payday to buy that pair of shoes today“. None of us used credit cards with the intention to maintain a high balance and pay interest charges for 10 years. We vow to pay off the card every month, letting Visa pick up our slack. We are Wimpy.
A better plan would be to save up for purchases, budget monthly expenses, and have an emergency fund for those things we can not forsee coming at us. Many Americans are fed up with the crummy treatment from the credit card industry and are on track to paying off their consumer debts. One way to start it to COMPLETELY STOP USING CREDIT CARDS, CUT THEM UP, and stop being Wimpy.