Credit facility

I started working on 1 April 1981. Barely a year in January 1982, I got my first Visa credit card issued by BankAmericard (Bank of America NT&SA). Imagine my happiness when I could own a credit card to pay for my purchases. Flashing my Visa credit card took some getting used to. I was proud that my salary qualified me to apply for the credit card.

After five years in November 1987, I received the American Express Bank Gold Card with overdraft facility. I had unsecured credit facility to sign for payments. It was Gold card and it showed that I had arrived.

Now that I am older, I find that I use less credit and I prefer to pay by cash or NETS. I would pay my credit card outstanding balance in full before the due date so as not to incur interest charges. I reduce my number of credit cards to just two.

When I retired, financial independence becomes important. I do not want to be saddled with debts. If I cannot afford, I simply do not commit. Looking back at my younger days, I was like most people chasing after 5Cs (cash, credit card, car, condominium and clubhouse). It is now the reverse. There is no need to show off how wealthy one is. I spend within my means and stretch my retirement funds for as long as possible.

I wonder why I did not realise this before. No one advises me, that is why.