Avoiding the 'buy now, pay later' trap

Credit cards can be a great thing when used responsibly. They encourage consumption, which in turn boosts the economy. And they're convenient.

The downside is that credit can create the illusion of wealth for people of ordinary means, while imposing a harsh reality of debt. Credit sings a siren song, and then, as in the Greek legend, runs your ship onto the rocks.

I learned this the hard way over the years.