Charles Dickens: Credit Guarantors Paying

Posted by admin on Wednesday, March 15, 2017

Charles Dickens Money Quote saying that vouching for a debtor who promises to repay credit, is meaningless to the credit guarantor. Charles Dickens said:
 

 

“[Credit is a system whereby] a person who can’t pay, gets another person who can’t pay, to guarantee that he can pay” — Charles Dickens

 

 

In this quote, Charles Dickens is satirizing the concept of credit and how the credit system worked at the time. The best interpretation is:

• Dickens observed that within the credit system, someone who cannot afford to pay off a debt themselves is able to take out a loan or line of credit.
• However, this is only possible because another person who also lacks real means of payment acts as a guarantor or co-signer for the loan.
• Essentially, Dickens saw that the credit system was based on those without money vouching for each other’s ability to pay, even though none of them truly have the financial ability or assets to back these transactions.
• He viewed it as an illogical system that relied on empty promises from people who were not creditworthy themselves in order to function.

The overall message is Dickens’ criticism of how the credit industry operated, facilitating debt for both borrowers and guarantors who were all ultimately unable to satisfy repayment of these loans and obligations.

Birthday: February 7, 1812 – Death: June 9, 1870

Categories: debt Tagged:charles dickenscreditpay