Thursday, January 13, 2011
Scrolling through some of Poor Richard's lesser known proverbs -- there were more than 600 -- we find this bit of advice that millions of Americans would have done well to heed over the last twenty years:
He that sells upon Credit, expects to lose 5 per Cent. by bad Debts; therefore he charges, on all he sells upon Credit, an Advance that shall make up that Deficiency.
Those who pay for what they buy upon Credit, pay their Share of this Advance.
He that pays ready Money, escapes or may escape that Charge.
I don't think it is too risky to say that Ben Franklin would not have approved of credit cards.