I couldn’t believe my ears. On the radio a credit card company was advertising that “You don’t have to live with credit card debit. You have the right to have it wiped out at little cost to you. After all, the credit card company has made lots of money over the last few years.”

Yikes! What are we teaching? What principle are we trying to stand behind? I mean who charged all the goods to begin with?? Not the credit card company.

Yes, the credit card companies do have a responsiblity but it is actually one the average person doesn’t want them to assume. They should make it harder to get a credit card. You should have to prove your spending pattern, prove your income and prove your worthiness of the card. Yes, a credit card comes with a responsibility.

By using a credit card you are agreeing to buy what you can afford and to pay it all off. Now this theory that they have made lots of money off of you so you are entitled to cut your debt, well… If you agree to that than you have to agree with the principle that if you loan a friend money and they don’t pay it back you should be happy to take 10 cents on the dollar back because after all, you have more money than they do.

The reality is that we all want what is fair and just. Instead of letting people run amok with credit card debt we should learn how to manage our own debt.

So here is your quick lesson for the day: The brain doesn’t process credit card information in the same way it does cash. With cash your brain actually balances out your decision-making and holds you back from overspending. With credit cards, your brain rarely kicks in to say, “don’t buy” so people spend almost 75% more when they use a credit card.

But I digress… Here is your business lesson: What principles do you stand behind? Are you willing to stand behind them when it is inconvenient to do so? If you aren’t, they are no longer principles, they are just ideals.

Let’s get back to principles that have meaning, substance and accountability.