Would you credit it?

Since the first Barclaycard was introduced in 1971 paying with plastic has become such a part of life and such a convenient way of managing money for millions that we take it for granted.

Today our flexible friend is everywhere. There are over 1300 different plastic cards in Britain alone. In fact there are more cards than people! In 1971 credit card debt was just £32 million; today it is a staggering £54billion. Credit Action suggest that today will see 24.3 million card transactions worth £1.3billion with around £100m spent online.

Borrowing has always happened and takes many forms, though the the sophistication and widespread availability of plastic is new. Credit is now an essential convenience for most of us but is also at the heart of the debt problem meaning that care is needed. Credit takes the waiting out of wanting but also mortgages our future. We become vulnerable to changes in the economy or in personal circumstances.

Scripture is clear: 'the borrower is servant to the lender'. We live in different times but that ancient wisdom reminds us of the importance of careful thinking and wise choices around borrowing. High interest rates and penalty charges are just the sting in the tail. Stewardship can help. Would you Credit It? is the third module of our course "Money, How are We Managing?"