How many of us go over board on or shopping spree with a supporting credit card !!!! Answer would be yes for ever 9 of 10 people in a shopping mall. Plastic money is not only a luxury now, but a necessity.
It all begins with a word called " Emergency". We certainly cant save for tomorrow, but at least we keep a borrowing bag ready when it comes for emergency. When this borrowing bag looks empty we slowly begin to fill it up with little necessities and then luxuries.
I have been having a credit card ever since I became legal to pay my taxes. Now I see that my daughter who is two years old enjoys carrying plastic "pesshaa" with her mother's picture on it instead of the real notes with Gandhi's face.
Personalisation of revenue.. can I call it so? But what we forget is that this personalisation comes at a very heavy price of at least 3% interest per month which is quite heavy on the heavy credit card usages.
With technologies overwhelmingly advancing, we also have fear of loosing this virtual money. After an incident that showed a use of good 2000 AED on my CC through fraud and hacking, I have become careful in using the same, but not stopped. This shows how dependant we get on the plastic money that has become the most important phase of our life.
I remember a TV show called " Rendezvous" hosted by Simi Garewal on Star. It was during the interview with one of rich barons of India , Mr. Anil Ambani, mentioning came on how much pocket money he gives his off springs. The instant reply came "nothing". For a moment, it was of shock as how such stinky rich personality can be so humble. Then came a immediate reply " I give them Credit Cards!!!"
During my work at the Chancery Hotels, a walk thought St. Marks road, would astonish me when all the kids at the Bishop Cottons' School would be hanging around the ATM's. When we were kids, I didn't even know how a bank looked.
If this virtual materialisation is good or bad, again depends on the flexibility the parents have to offer their children. However, just hope the smiles don't turn plastic as well.
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