Cashzilla

Too quick to judge?

Posted on 06. Jun, 2005 by Cashzilla in credit cards

Nessie and I were watching breakfast television this morning, specifically on a piece about Live 8. A group of students in Leeds were being interviewed as to whether they thought this concert would have an affect on the overall cause – to cancel third world debt. They indicated that they thought it probably would … though “were really just going for the music.”

People are asked to much these days to give money, when they don’t really understand the argument involved. People have jumped on the Live Aid & Live 8 bandwagon and evolved it into an anti-capitalist debate, which is not the objective. Capitalism doesn’t have to be the great evil in the world and can be used to global advantage.

If you’re reading this, have you heard of the G8 debate and Live8 – have you committed your support, without researching what you’re supporting? We would encourage people to support the cause, but do it because you understand the issues, not just because it’s trendy. I came across a site the other week, advising parents how to educate their children on financial matters. One of the suggestions was to encourage the child to give a % of their pocket money to charity each week, so they get into the habit of helping others – as well as budgeting. Although I didn’t have this in my own upbringing, incorporating financial value systems into children, seems to be a more efficient way of developing proactive support in the long term.

I also did some research into credit card providers this week and was amazed to discover the number of charities that were tapping into the credit card market. I accept that charities need to be proactive and innovative about fundraising, but was unsure, given the state of consumer debt in this country, how ethical this method of fundraising still was. I was especially bemused that ActionAid, committed to fighting “poverty worldwide”, felt comfortable in promoting a credit card with an APR of 17.9% – helping the developing world, at the expense of the developed.

Perhaps by “dropping the debt”, third-world countries can begin to educate us on third-world issues, rather than relying on third rate charities to do the job.

http://www.live8live.com/

Related personalfinanosaurus posts:

1. Warning – credit cards can damage your wealth
2. Tune on, tune in and switch off
3. Credit card interest free periods may not be all they appear
4. ABC for anarchists…(You can’t change a system from the outside)
5. A quick introduction

Tags: debt, responsibility