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?