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Concern over credit culture

Randy Bennett

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Barbadian youth are being advised to control their need for immediate gratification The advice has come from attorney Andrea Mullin Henry, one of the seven guest speakers scheduled for the Financially Free Seminar at Hilton Barbados on November 25.
Speaking at a Press conference on Wednesday at Chancery Chambers, Mullin Henry expressed concern that the younger generation was resorting to credit facilities to get what they wanted quickly.
She warned against this practice, saying that there was a need to get back to working hard for what you wanted and saving until you can afford it.
“Sometimes in the older generation, they would have grown up with the attitude of ‘if you want something, you work hard, you save up, and then you buy it’. However, the younger people who are now in the credit crunch have come up in a generation of ‘if I want it, I can go ahead and take it out on credit, once I can afford the monthly payments’,” she said.
Mullin Henry, a principal at Crane Chambers, said practical steps had to be taken by young people in order to fight this urge.
The seminar at which Mullin will address the topic Estate Planning And The Need To Be Debt Free will also feature several prominent businessmen, both local and international, including real estate mogul Paul Altman, Patrick Tannis and Dr Trevor Carmichael.
The seminar’s main aim will be to highlight the religious, moral and ethical issues surrounding wealth creation and management, and to show that spirituality and business are not mutually exclusive.