She was in for a disappointment. "Actually, no. For most people, they're not a good deal. The convenience that you view as an attribute can combine with human nature to form a destructive force, especially in the hands of someone who loves to shop. How many times have you bought something with your credit card that you wouldn't have bought if you'd had to pay cash? And isn't it usually something that you know you could live without? Then how many times have you opened your credit-card bill, clutched your throat, and shrieked, 'Five hundred dollars! What the heck did I spend it on?' So, the fact is that many people who pay off their balance each month are still hurt by their use of credit cards."
"That's me." Tom shook his head ruefully. "I never paid one red cent in interest to a credit-card company, but I cut up my cards last year. Plainly stated, I was abusing the privilege."
"I have to give you credit, Tom—no pun intended," Cathy sighed. "I should do the same . . . but I don't want to hurt the American economy." I wasn't sure Sis was kidding.
"Many people 'abuse the privilege,' as our friend here so aptly put it. At least you know yourself well enough to admit it, Tom. Credit cards do offer short-term, interest-free financing, and convenience, but they're not for the undisciplined," Roy summarized.
"Shouldn't we try to avoid consumer debt altogether, not just credit-card debt?"
"Theoretically, yes. I say 'theoretically,' because, in some cases, taking on consumer debt can work to the bor-rower's advantage. But I'll get back to that in a minute.
"If you see a compact-disc player that you simply have to have, what's the best way to save for it?" the wealthy