Are We THAT Thick?

After reading the Brunei Times’ piece on ‘Mobile Phones as a symbol of social standing’, the first thought that came to my mind was just how thick we Bruneians can be. In this holy month, I know I shouldn't be having any negative thought but I’m seriously frustrated! But I honestly lost my head when I read a 36-year old civil servant admitted that “his eyes are closed when he pays for a new phone”. O Dear! What is wrong with us?!

[Let me Breathe…]

I don’t know how these people can afford to constantly buy the latest phones. But I suspect credit, be it credit card or bank loan, is the main mode of payment.

Well, I came across an article in Slate that talked about the role of credits in our everyday lives. It was interesting the way it likened credit to a leverage i.e. power that allows you lift a heavy stuff. In this case, credits make everything appear so cheap. Or another way of seeing it, without credit, things look expensive.

Don’t get me wrong, I am not totally against credit cards or even personal loans. There are times, especially when we are travelling, credit cards will come in very handy. Or for when budget is tight and your freezer suddenly dies on you, then the personal loan that is being offered in the shops, can help save your life. But to use credits just to prove that you have a high salary or to have the latest mobile phone or camera that even can rival James Bond’s is beyond me! It’s even worse if you are buying a new phone at the expense of your child’s school fee.

In these last few days of Ramadhan, I can imagine the ‘eyes-turn-blind’ shopping frenzies are at their peaks in Brunei.

This can lead to a disaster, not only to the poor (or shall I call ‘thick’) person’s life but also to the health of the economy. In fact, I believe this is also another culprit that contributes to the increasing number of claims of being ‘poor’ in Brunei.

So I say, please…… whoever or whichever authority is looking into the credit policy in Brunei, to look into this seriously. It is high time we put a credit rating system in place. What I mean is that you can’t just allow any Tom, Dick and Harry that has a blue payslip enters into a credit contract without a thorough check on his financial background.

Everyday in the news, we hear about ‘credit crunch’ happening globally that has even put those giant corporations down on their knees and even collapse. It all started from careless and inappropriate lending. Anyway, it probably is still a foreign term in Brunei, so let’s keep it that way.

Selamat Menyambut Hari Raya Aidil Fitri. Spend Wisely!

Salaam.