<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>The red card for them
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<!-- START OF : div id="storytext"--><!-- 4 or less paragraphs so show all paragraphs first before showing the media and bkstry and stuffs --><!-- story content : start -->Credit card debt is going to be the crash-and-burn of young careerists if they persist in acting in the belief the economic dip will be shortlived. Such debt is more clingy than uncleared overdrafts and the overhang on car loans because of the hefty penalty interest. Consumers who knowingly let themselves be scalped are in their mid-20s to late-30s, have unstoppable careers or own businesses, never knew privation - and are in a race to compare who is flashier. The social pathology of living on credit received an airing in Parliament last week, during which MPs were told the situation was not dire yet but that the central bank was keeping tabs.
<!-- story content : start -->We say, the invincible young should call a halt to their music, at least until the pace in the economy picks up again. If they are as smart as they are diligent in living beyond their income, they will ease up on the charging even when the bounce is back. It's astonishing: Two credit cards in the wallet, average for well-paid executives a generation ago, would make today's conspicuous consumers feel under-provided. They carry twice as many cards, padded by 'privilege' and discount cards issued by assorted merchandisers. Being card-heavy brings social cachet. The licence to spend and not worry about the accounts-keeping is the nub of the problem. One question card issuers ask on their forms is what cards the applicant has. It is assumed the information is for deciding credit risk but in flush times, who's looking? Roll out the plastic. <!-- story content : start -->The credit issue is undoubtedly complex. Credit on demand oils commerce. A good measure of spending in distressed times keeps critical cashflow steady for businesses. Jobs could be saved. But if young tearaways are indifferent to their own fate by neglecting personal budgeting, it may be necessary to place card issuers under selective regulatory control, by age group.
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<!-- START OF : div id="storytext"--><!-- 4 or less paragraphs so show all paragraphs first before showing the media and bkstry and stuffs --><!-- story content : start -->Credit card debt is going to be the crash-and-burn of young careerists if they persist in acting in the belief the economic dip will be shortlived. Such debt is more clingy than uncleared overdrafts and the overhang on car loans because of the hefty penalty interest. Consumers who knowingly let themselves be scalped are in their mid-20s to late-30s, have unstoppable careers or own businesses, never knew privation - and are in a race to compare who is flashier. The social pathology of living on credit received an airing in Parliament last week, during which MPs were told the situation was not dire yet but that the central bank was keeping tabs.
<!-- story content : start -->We say, the invincible young should call a halt to their music, at least until the pace in the economy picks up again. If they are as smart as they are diligent in living beyond their income, they will ease up on the charging even when the bounce is back. It's astonishing: Two credit cards in the wallet, average for well-paid executives a generation ago, would make today's conspicuous consumers feel under-provided. They carry twice as many cards, padded by 'privilege' and discount cards issued by assorted merchandisers. Being card-heavy brings social cachet. The licence to spend and not worry about the accounts-keeping is the nub of the problem. One question card issuers ask on their forms is what cards the applicant has. It is assumed the information is for deciding credit risk but in flush times, who's looking? Roll out the plastic. <!-- story content : start -->The credit issue is undoubtedly complex. Credit on demand oils commerce. A good measure of spending in distressed times keeps critical cashflow steady for businesses. Jobs could be saved. But if young tearaways are indifferent to their own fate by neglecting personal budgeting, it may be necessary to place card issuers under selective regulatory control, by age group.
