Economic Recession - Credit Card Defaults

It was mid morning in San Francisco when my office phone started ringing.  Our new client was on the line.  They were raising $100 million in capital, and wanted us to work on the deal.  My heart was pounding as the CFO outlined the details of the transaction.  Then he dropped a bombshell.

We were starting tomorrow morning . . . in New York City.

I had about 55 minutes before the next flight left.  If I missed it, I would be on the red-eye, and late for the meeting.  With Mario Andretti speed the cabbie got me to my apartment for a change of clothes and then to the airport.  I ran through the terminal.  The last one to board, the door shut behind me as I stepped on the plane.  Then the real fun began.

The cab to the airport emptied my wallet, and New York City cabs don’t take credit cards.  After explaining my predicament to the hotel doorman he chuckled under his breath.  I was turning red with embarrassment as he paid the cab fare for me.  A few minutes later, after finding an ATM, I repaid the doorman and included a huge tip.

Ever since that experience I always try to carry cash.  However, I prefer to pay most expenses with a credit card.  It’s easier to track and more convenient at tax time.

I’m not alone.

Millions of consumers in America have abandoned cash and debit cards and rely entirely on credit.  These days you can charge almost anything you want.  Happy meals at McDonalds, gas for the car, groceries, coffee from Starbucks . . . who needs cash when you have a credit card.

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