Washington's Credit Card Debt

President George Washington may not have had a plastic card in his wallet, but he did maintain an open line of credit with merchants in London which kept him in financial straits for much of his adult life. He was not extravagant in his tastes, but he did live at the high level expected of Virginia gentry in the 1700s.

What struck me about his debt is that he blamed the merchants for the first few years. He complained about their being too strict in bill collection, their shipping inferior goods, their taking too much time to send items ordered, etc.

However, as maturity took over, he finally began to realize the debt was his own fault, driven by his and Martha's desires to live at a high level. In his later years he strongly counseled against the use of excessive debt. Moderation became his theme. Dave Ramsey would have been proud of our #1 citizen.

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