Partly amusing, partly true, these thoughtful words on the topic of credit are courtesy of Poor Richard via Ben Franklin. If you are being chased by the credit monster, this wisdom may help you to see your credit in a different light.
Fond Pride of Dress, is sure a very Curse;
E’er Fancy you consult, consult your Purse.
Pride is as loud a Beggar as Want,
and a great deal more saucy.
“When you have bought one fine Thing you must buy ten more, that your Appearance may be all of a Piece; but Poor Dick says, ‘Tis easier to suppress the first Desire, than to satisfy all that follow it. And ’tis as truly Folly for the Poor to ape the Rich, as for the Frog to swell, in order to equal the Ox…And after all, of what Use is this Pride of Appearance, for which so much is risked, so much is suffered? It cannot promote Health, or ease Pain; it makes no Increase of Merit in the Person, it creates Envy, it hastens Misfortune.
But what Madness must it be to run in Debt for these Superfluities! We are offered, by the Terms of this Vendue, Six Months Credit; and that perhaps has induced some of us to attend it, because we cannot spare the ready Money, and hope now to be fine without it. But, ah, think what you do when you run in Debt; You give to another Power over your Liberty. If you cannot pay at the Time, you will be ashamed to see your Creditor; you will be in Fear when you speak to him; you will make poor pitiful sneaking Excuses, and by Degrees come to lose your Veracity, and sink into base down right lying; for, as Poor Richard says, The second Vice is Lying, the first is running in Debt. And again, to the same Purpose, Lying rides upon Debt’s Back. Whereas a freeborn Englishman ought not to be ashamed or afraid to see or speak to any Man living. But Poverty often deprives a Man of all Spirit and Virtue: ‘Tis hard for an empty Bag to stand upright, as Poor Richard truly says.
What would you think of that Prince, or that Government, who should issue an Edict forbidding you to dress like a Gentleman or a Gentlewoman, on Pain of Imprisonment or Servitude? Would you not say, that you are free, have a Right to dress as you please, and that such an Edict would be a Breach of your Privileges, and such a Government tyrannical? And yet you are about to put yourself under that Tyranny when you run in Debt for such Dress! Your Creditor has Authority at his Pleasure to deprive you of your Liberty, by confining you in Goal for Life, or to sell you for a Servant, if you should not be able to pay him!
When you have got your Bargain, you may, perhaps, think little of Payment; but Creditors, Poor Richard tells us, have better Memories than Debtors; and in another Place says, Creditors are a superstitious Sect, great Observers of set Days and Times. The Day comes round before you are aware, and the Demand is made before you are prepared to satisfy it. Or if you bear your Debt in Mind, the Term which at first seemed so long, will, as it lessens, appear extreamly short. Time will seem to have added Wings to his Heels as well as Shoulders. Those have a short Lent, saith Poor Richard, who owe Money to be paid at Easter. Then since, as he says, The Borrower is a Slave to the Lender, and the Debtor to the Creditor, disdain the Chain, preserve your Freedom; and maintain your Independency: Be industrious and free; be frugal and free. At present, perhaps, you may think yourself in thriving Circumstances, and that you can bear a little Extravagance without Injury; Gain may be temporary and uncertain, but ever while you live, Expence is constant and certain; and, as Poor Richard says, rather go to Bed supperless than rise in Debt.”
