When Responsibilities Collide
As expected, I received a ton of pushback after my credit card post a few days ago. The number one response I get whenever I discuss this topic is the following: people just need to be responsible with credit cards. Another version: Credit cards can be a useful and beneficial tool IF they are used responsibly. What does it mean to be "responsible?" Here's the definition:
Responsible: having an obligation to do something, or having control over or care for someone, as part of one's job or role.
This makes a lot of sense. When we use a credit card, we need to be responsible by making payments on time and paying back what we've borrowed. We have an obligation to do so. I'm tracking. I believe the vast majority of Americans understand this responsibility. When people pull out the plastic and swipe it, they are well aware of the obligations and responsibilities at play.
Life is full of responsibilities. Paying the credit card bill is a biggie. There are a bunch of other critical responsibilities on the table as well:
Pay the mortgage/rent
Put groceries on the table
Clothe our growing kids
Maintain and fuel our vehicles
Health insurance and co-pays for medical services
Ensure we have working utilities such as water and electricity
So many responsibilities!
When life is going well, we find the balance between the many obligations in our household. Shelton, food, clothing, transportation, medical care, and a long list of other needs (plus hopefully some wants).
But what happens when life doesn't go smoothly? What happens when the car breaks down and we need to repair it? What happens when a kid gets sick or breaks an arm? What happens when the furnace goes out and it's too cold in our house? What happens when we lose a job and the income associated with it?
The moment we face tensions in life, our responsibilities collide. People don't get behind on their credit card bills because they are being irresponsible. Rather, it's because they ARE trying to be responsible. If we have the choice between eating and not eating, we're pulling that credit card out. If the furnace is broken and our family is getting cold, we're using whatever means possible to get it working again. If the car breaks down and it's the only way we're able to get ourselves to work, you better believe we're getting that repair done. If the landlord or mortgage company starts asking for their monthly payment (or else!), we sure as heck will step up and make that payment.
In those moments, we have choices to make. Difficult, painful, and often embarrassing choices. And as I always say, credit cards are the path of least resistance. Not to be irresponsible with debt, but to be responsible for providing our family's basic needs.
Does that context change your perspective? I hope so. But if not, I still love you and am grateful for your willingness to read each day.