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Personal Finance Concepts - Phase 2 IP (1) Dear Son. It came to my attention that you have been issued a credit card in recent months and was able to accumulate some debt on it. As a parent, I respect your right to lead the lifestyle you have chosen; however, as a person with more experience, I feel that it is my duty to provide you with the insight on the essence of credit cards, so that you will be able to adopt a responsible attitude, every time you stick your card into bank machines slot. It is understood that possession of a credit card makes ones life easier, because it opens up a new financial horizons for just about anyone, whom bank finds as eligible to be given a credit. I myself used to be a student, which is why I perfectly understand that, during your college years, you will have to deal with numerous unexpected expenses. I also understand that, as a parent, I will not be able to always keep supplying you with money, especially given the fact that your studies represent a heavy burden on family's budget, the way it is.
You have been automatically qualified for the credit card, because you are a student. However, you do not have an income of your own. This is why using a credit card, on your part, can be a tricky business. The biggest problem about it is that credit card provides you with the false sense of financial security. You need to understand that in Globalized world, the empirical value of money is being greatly diminished. Basically, the money are not even worth the paper they are printed on.
This is why 90 % of financial transactions between banks take place in the form of digital exchange of information. In other words, milliards and milliards of dollars is nothing but a bunch of ones and zeroes in banks computer hard drive. It is nothing but information that does not have physical properties. Yet, peoples professional skills, real estate and land are what actually have a real value. This is why banks strive to trade peoples objective assets for the money, which has largely declarative value. Banks wants to assure you that the accomplishment of instant gratification is possible.
Why wait until you have a steady income, which would allow you to buy things, when you can do it now? All you have to do is to sign a paper, which turns you into banks slave. Ever since you sign this paper, you will never be able to attain a state of emotional comfort, until you pay off your debt, which grows bigger and bigger, as time goes by. Are you aware of the fact that half of Americans who consider themselves as such that belong to the middle class, do not have a real life?
Do you know that they often wake up in the middle of the night, being covered with cold sweat, simply because they had a dream of losing their job? For them, losing job or becoming sick will automatically mean that they will lose all of their Earthly possessions, because, in the eyes of bank that provided them with a credit, they will cease to represent any value. Look at your own father every time I open up a mailbox, my hands tremble, because I never know when I might receive a letter from collection agency. Do you want to follow my footsteps? Please take my word on this it is much better to be deprived, in materialistic sense of this word, then to loose your freedom, as individual. It is only the matter of time, before people who rely on credit cards, as a mean to make payments, will end up being thrown out on the street.
This is why I needed to write you this letter, as it is very important to have you understand a very simple fact life is not a fairy tale. We live in materialistic world where just about anything can be bought or sold, where everything has a monetary value. This is why, when you were being told that you could be given almost free money, simply because you have a pretty eyes, I would strongly advice you to decline the offer. By signing a credit card agreement, you will sign you soul away to the financial speculators who strive to turn Americans into the crowd of ultimate hedonists. (2) It is probably too late to tell you about it, on my part, because you have already been issued a credit card. Since you did it, without having consulted with me, I suggest you put an extra effort into studying, because you will not be able to pay off your debts, without finding a decent job, which can only be possible if you have a diploma. I want to assure you that I will not move a finger when you will be asking me to lend you money to save your credit rating.
Since you are not capable you learning from other peoples mistakes, you will have to learn from your own in hard way. I do not want you to get me wrong. As a parent, I care for you. However, you are a grown adult now, which is why you need to be able to do some thinking, before making important decisions that will affect you for the rest of your life.
If you need extra few bucks for beer and condoms, you should have considered other possibilities of making money. When I was a student, I used to move furniture after studies. I do not see the reasons, which would prevent you from doing the same. I do not want to see you turning into one of those white-collar office slaves, who are often afraid of their own shadows, because their credit rating depends on their ability to exist as conformists. It is conceptually wrong to buy things with money that you do not have.
Therefore, I would strongly advice you to surrender your credit card, once it is being expired. Mark my words, it is not going to be easily done. I want you to remember the good old saying road to hell is made out of good intentions. This saying applies to credit cards as well.
Once you have been tempted by the prospects of instant gratification, it is going to be very hard for you to become a responsible individual. That is what bothers me the most. Anyways, I want to end this letter on the positive note. You were lucky enough that I had spotted your credit card statement early enough, before you accumulated too much of the financial debt. For the first and the last time, I am going to take care of this for you, even though I was very angry, at the time when I started writing this letter. I think it will be better to all if your card stays with me for the time being.
Once you prove to me that you are capable of making money on the side, as I did in my younger years, I will return it back to you. Your loving Dad. Bibliography: Americas Slavery Chains of Debt. 2007. Federal Debt Relief System.
Retrieved December 27, 2007 web Gee, R. Modern Day Slavery. November 21, 2007. Engine Articles. Retrieved December 27, 2007 from web Teal, A. Will that Be Cash or Credit?
Instant Gratification Conflict for Consumers. May 2, 2007. Associated Content. The Peoples Media Company.
Retrieved December 27, 2007 from web Abstract: This letter is meant to provide readers with the insight on the essence of modern crediting. Outline: Part one Part two
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Research essay sample on Instant Gratification Credit Card
