Credit is Debt

On the surface, credit seems like a positive thing, after all if you receive credit for something it is usually in praise of your actions. However when this turns to financial issues then the meaning becomes very different, as credit is an impostor term for debt!

We are all aware of the negative connotations which fly around the word ‘debt’, from newspaper reports to TV specials it seems like this debt burden is everywhere. But surely applying for that extra £100 credit doesn’t mean that you are in debt, right? Wrong.

Credit is something that we all want but, in reality, we can never have. As soon as you gain credit is becomes debt. Infact the idea of credit can really only be used in the future tense, as this dictionary entry explains:

Credit: (noun) The facility of being able to obtain goods or services before payment, based on the trust that payment will be made in the future.

Thus meaning that until it has been paid back to the lender, it is your debt. Everyday we are bombarded with ways that we can be offered credit, but maybe in reality these Credit Cards should really be renamed to Debt Cards.