Are the crazy days of credit over? Libby thinks so...

Had to share a great article by Libby Purves in today's The Times, called 'That hairshirt! I must have it' (Subtitled 'After the spending boom we need the calming influence of Lent to see some sense.')

Some of the best quotes include:

"The 'high risk' that worries the online bank is the risk of itself not making any money out of these spoilsport wise virgins."

"I remember how Access scandalised the cautious with the brilliantly corrupting slogan “takes the waiting out of wanting”, a philosophy now embraced by everyone from Derek Conway's sons to the late-night lad whose knife takes the waiting out of his wanting your iPod."

"Mainly, credit has just helped to confuse the concept of money-I-have with the rival concept of stuff-I-want. It led us straight to the dreadful feature writers' insistence on applying the description “must have” to every luxury item, from flimsy shoes to £6,000 liposuction to reduce blokes' flabby chests (4,000 last year)."

Credit had always confused me, but since working in a credit card department for a high-street bank for a few weeks over the summer I learnt more about it and then finally understood how it works (for me anyway):

Don't get a credit card.

Simple as that.

Read the whole of Libby's excellent article here.