I received my first credit card when I was 22 years old. Until that time, I didn’t know what a credit card was, other than to say that my parents had one because they had jobs, a home, and a car.

In fact, I think I was so naive about the credit process and the use of credit cards because my parents told me of their tragic plight in 1980 of trying to get Sears, Montgomery Ward, and JC Penney to lend them money. The fact, they told me, was that they could only get approved for a $500 credit limit by one store.

How times have changed! I think my first card, I believe Circuit City, had a $2,500 limit, and now I have 3 cards with $10,000-plus limits. I think it’s a tragic aspect of society.

I wanted to highlight this article by Michelle Singletary, that basically puts things back into perspective. Ms. Singletary attacks some of the basic stigmas we’ve come to believe, and helps us realize the importance of having (and exercising) common sense in regard to credit. Ms. Singletary points out that the new credit restrictions will  (hopefully) have some profound effects on the deceptive practices used by credit card companies.

I think, as Ms. Singletary notes, we’ve replaced the adage, "use it up or do without" for the "now thrill."