RE: Financial Over-Indulgence: A Case Study Of Some Economic States In Africa
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Buy anything you want now and pay later definitely sounds like a trap.
I remember when I was 21 or 22, a local bank gave me a credit card. Told me it will help me with my expenses. I can buy anything I want, and pay later. Maybe turn them into installments.
And I started overspending everymonth. Turning all of them into installments.
After a few months, the monthly installments were equal to my income.
It took me 2-3 years to get rid of the debt.
I am just glad that it wasn't too big and I was earning. Otherwise if I was unemployed at that time, I would be paying those installments maybe for a decade or so😵
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At the end of the day it becomes an economic attempt at financial slavery, I wouldn't say south African had these intentions, the big techs in most country does, but then in the case of South Africa, the government felt that these credit opportunities will uplift their lazy citizens who would blame unemployment on lack of start-up fund for enterpreneurship.
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Maybe not same intentions but maybe they have same results🤔