Posted in Family, Ordinarylife

Do you or don’t you?

I was standing in a store, can’t remember which one, but it was part of the Edgars group.  They had their internal radio station playing and there was a competition on.  The person the DJ had phoned had just won a prize to have her Edgars account cleared.  (boy did she need it, her account balance was over R8 000).

Anyway the DJ asked if she was happy that she was an Edgars Account holder (at that moment I am sure anyone would have been) but anyway – she said yes, she had been an Edgars account holder for many years and had encouraged both her daughters to get accounts there and she hopes (HOPES!!!!!) that her granddaughters will also one day be Edgars account holders.

Wow -different families seem to have very different views on money management.  Here she is encouraging her daughters and granddaughters to go into debt.  I was blown away.  My parents drilled into us that if we don’t have the cash we don’t buy it.  The only debt that anyone in my family has is our mortgages, and in fact I am actually the only one that still has that debt (and recently extended). 

I did once open an Edgar’s account.  You got R300 in vouchers if you spent R500 or more – and I was spending that anyway as I wanted new jeans.  I have not used my account since.  In fact they just sent me another R300 in vouchers to try and encourage me to use it.  I threw them away as I don’t’ have anything I need to buy at the moment and they expire at the end of the month anyway. 

So what are your takes on debt, store accounts and credit cards?


12 thoughts on “Do you or don’t you?

  1. I have a Truworths acct – with a limit of R1000. I used to use it primarily for my CLinique face stuff, but I don’t use Cliniue anymore. I haven’t closed my acct as I love their clothes.

    And that is my only debt.

    Clothing accts just trap people who don’t have money. I cannot believe that a mother would encourage her child to have an acct!

  2. We are also from the old school of not buying unless you have the cash. We have never even had HP on a car…always wait until we have the cash for it. We also have only homeloans.

    1. I have bought a car on HP, but paid it off pretty soon. Now both our cars are paid for. I have just taken out an extention on my homeloan though as I want a new car and can’t quite meet it in cash yet.

  3. The only debts we have are our cars and properties. I used to have clothing accounts and pharmacy accounts back in the day, but they really force you to only buy there.

    1. Yip, they do sucker you in. I think that is why some of the furniture stores charge so much more if they offer credit. They know the people will only be able to buy there and don’t look at the total price.

    1. FF – I actually use my credit card a lot. But it is either in credit or I pay it off at the end of the month. I get points on it and there are no transaction fees. If you pay witha debit card or cash it costs you more.

  4. We have no accounts 🙂

    I had an Ackermans one that I paid up and closed when I left my ex and then I made David pay up his Edgars account and close it last year when we moved in together!

    They are evil – pure evil! On minute they are on R100 and the next R10 000!

    We do use our credit cards but are trying hard to keep them paid up but neither of them are at an umanageable level – if we had to both could be paid up within 2 months!

  5. I’ve just been “FORCED” to open an account!!!! No debt=no chance of any type of credit including cell phone contracts as a self-employed person in South Africa. Totally backwards!?! One has to have debt to get credit! Wouldn’t someone who has never been in debt and has money in their account be a safer bet? Overseas one can walk into a Bank and open a Checking Acc. complete with card that works just as a credit card (including Internet purchases) as long as one has sufficient funds in ones account!!!! Not possible in SA!?! Sad really, a third-world country.

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