song for theme #45A: Borrowing Mentality

“Credit Card” by Stephen P. Cook

to be sung to the tune of “Different Drum” by Michael Nesmith / Linda Ronstadt

You and I argue if I run up credit card debt¹

How can you be my sweet loving pet

When you so often lecture me?

Who—oa

You laugh and then suggest big debtors

Once were chronic bed wetters²

And the girl you marry will be debt free

Oh with your good salary

What’s the big deal?

And why all of your budgeting zeal?

Seems you prefer your money to me?

You joke I’m banking on The Rapture³

To avoid debtor prison⁴ capture

But with bankruptcy⁵

Couldn’t I become debt free?

Whoa—No way! That’d be cheating⁶

You say we can do some dealing

We’ll both be happier

If I avoid bankruptcy

So goodbye my credit cards⁷

I’m cutting you up, this isn’t hard

So you’ll pay off my debts

And then marry me⁸

SONG—NOTES / COMMENTS

1—Purchasing using a credit card is an example of unsecured consumer debt.  This debt can grow beyond the original cost of the

      purchases with the addition of interest charges—levied on debt not paid in timely fashion, typically about 16 % / year—and

      late fees.  Overall as 2013 ended, the typical USA household owed $6690 in unpaid credit card charges. Nationally such debt

      stood at just over $800 billion.

2— Perhaps connecting debt and bed-wetting and is mere silliness, but one can argue otherwise! Bedwetting has been called “the

       hidden problem of childhood.” Certainly high levels of (not immediately visible) debt can cause economic problems. Buying

       things one can’t afford involves instant gratification: the thrill that comes when you immediately get a desired something.

       Driving this, some would argue, is a childish "I want that now!" force.  For some, this force is powerful enough to overcome

      the opposing force: a rational, restraining adult attitude questioning whether it’s really needed / if there’s money to pay for it. 

3—To many Christians, this is when life as we know it ends with Jesus’ return and the final resurrection.

4—Debtor prison was where people unable to pay their debts ended up in England (Charles Dickens wrote about them) and

      western Europe up until the mid 19^th century.  Eventually bankruptcy laws helped do away with debtor prisons although they

       remain in a few places (including the Middle East, Greece, Hong Kong).

5—While bankruptcy courts can rule that people can walk away from some debts, usually this is a last resort for debt strapped

      consumers. Those declaring bankruptcy will typically be unable to borrow money for years —not surprising given that the card

      issuers and retailers are often big losers in personal bankruptcy verdicts. In the 2008—2013 time period, USA consumers

      defaulted on $261 billion in credit card charges.

6—If the intent, when the debt was contracted, was not to repay, then yes, this would be cheating.  More typically unforeseen

    circumstances (like unexpected health emergencies) are behind bankruptcy.  But it does represent reneging on a promise!

7—While a typical USA adult has three or four credit cards some people have many more.

8—This song has a cute twist. Whereas going into debt helps untold numbers of people have something they want now without

      waiting, here what is desired (marriage!) won’t occur until the credit card debt is paid!

Comment: Those running up big debts may be financially irresponsible, but are they emotionally immature?

The first sentence in this theme’s description suggests those who value it may be lacking in the ability to delay gratification (see note 2), which some link with emotional maturity. Indeed, a 1988 research report authored by Mischel, Shoda, and Peake, found that “pre-school participants’ ability to delay gratification …was a strong predictor of their coping ability in a ten year followup study.”