[Credit is a system whereby] a person who can't pay, gets another person who can't pay, to guarantee that he can pay.

Charles Dickens
About This Quote

Given the credit card system, a person who can't pay, gets another person who can't pay to guarantee that he can pay. People say the credit card system is a good thing - it gives people access to things they can't afford without going into debt. In reality, the credit card system is a great way for someone who can't pay, to get someone else to guarantee that he can pay. In other words, the system puts the burden of paying on someone else. When you sign up for a credit card, there's a limit on how much you can borrow and if you spend more than that amount, you will be charged interest - and your payments will go up. This is actually a bad system because it puts the burden of paying on others and it's unfair for those who do not have enough money.

It also encourages people to spend money they don't have so that their debts will not go up as fast as if they just spent the money on what they needed. When people use credit cards as a way to spend more than they have, they're putting an unfair burden on those around them because those people will have to pay off those debts after those people do not pay their bills or default on them somehow.

Source: Little Dorrit

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