Mokokoma Mokhonoana: Waste
on Friday, September 24, 2021Mokokoma Mokhonoana Money Quote saying the easy availability of credit means we take it lightly, wasting money before we can pay the bill. Mokokoma Mokhonoana said:
“Credit makes it possible for us to waste money before we have the money” — Mokokoma Mokhonoana
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Mokokoma Mokhonoana is highlighting both the benefits and risks of using credit. On one hand, credit allows people to obtain goods and services before having the cash on hand to pay for them upfront. But this also enables spending money that has not yet been earned, which Mokhonoana suggests can lead to wasteful spending if not managed carefully.
The quote implies that with credit, people have the ability to spend future money today, which presents the temptation to spend that money on things they may not truly need or be able to afford once the credit bill comes due. So Mokhonoana is cautioning that credit empowers spending in advance of having the means, for better and worse depending on one’s spending discipline.