Inflation leading to credit card debt | News, Sports, Jobs

0

Inflation reduces everyone’s purchasing power. Because people seem to have a hard time cutting back on purchases, racking up more credit card debt seems to be the “go to” the solution. The only real winners in this scenario are those in the lending industry.

The old saying of “if you don’t have it, don’t spend it…” only works for part of the problem when you factor in essentials like gas, utilities, doctor bills, medicine, schooling, housing, and clothing. Some reductions can and should be made: energy consumption, premium groceries, entertainment, media costs, travel, and online shopping. In fact, rising costs of basic necessities are more likely to drive people to use their credit cards, making the problem worse in the long run.

Some people seem to think that the federal government and the state governments can solve the whole problem of inflation, and they can for the parties to which they contribute. The biggest inflationary parts were in the domestic retail and service sectors, which boils down to one word: CUIDITY! (I can’t help but think that reporting national and global emergencies wrongly justifies increased costs, allowing price gouging by unscrupulous companies!)

There seems to be a “rush to the land offices” by the sellers to seize their share of the “pseudo-wealth” available in our currently deceptive cash glut economy! The problem is people are running out of money and it’s with the US Treasury rolling out the money press as fast as they can: 24/7/365! Are there viable solutions? You bet!

Reduce personal mailings to the essentials, save money, pay off credit debt, and work to be more self-sufficient and stretch it. Spend locally and stop feeding the coffers of the mega corporation. People need to refocus on what is really important in their lives and not be manipulated by forces that only want their money. Endless spending is unsustainable, even with readily available credit; a lesson we must learn, especially by our governing bodies.

It’s times like these that revisiting famous words of wisdom can bring comfort. Mahatma Gandhi’s list of seven deadly sins comes to mind:

1. Wealth without work

2. Pleasure without consciousness

3. Knowledge Without Character

4. Trade without morality

5. Science without humanity

6. Worship without sacrifice

7. Politics without principles

As an American company, we can do better and not rely on outside entities to do things for us that we don’t want to do for ourselves. There are examples of “prime” the individuals and organizations within our communities who model these principles by example. Follow their leads. It’s time to get our collective “head out of the sand” and take action!

Bob Dunkerley

Elkins



Today’s breaking news and more to your inbox








Share.

Comments are closed.