THIS may be the season to be jolly and there is nothing quite so jolly as the caning that will be given to credit cards.

These marvellous little devices open up an Aladdin's cave to all and sundry, with a great bonus that you can plunder it at will without having to pay, well, at least not in the short term.

It may be hard for younger people to realise that old folk like me grew up in a world where credit cards, or any other sort of card, did not exist.

Over the years, I have seen more than one wise financial adviser stare down a TV camera and encourage people who cannot manage debt to take a pair of scissors and cut their credit card to pieces.

This amuses me in particular because that is exactly what I did when the card first turned up some 35 years ago.

But I did it very publicly. I executed my card in the pulpit on the Sunday after its arrival, much to the disgust of a bank manager in the congregation.

Everyone who had a bank account was issued with a credit card and a spending limit, determined by the bank without asking if they were wanted.

This struck me as particularly irresponsible and an open invitation to people to quickly get themselves into a debt they could not service.

And if you think credit cards are a cheap convenience, then have a close look at the interest rates attached to them.

They'll take the gloss off any wild Christmas spending spree.

On reflection, the dire punishment handed out to my credit card and the manner in which it was done were pretty arrogant and self righteous.

The fact is, that it was not long before I had another one, because there is nothing to compare with the convenience of money on tap for emergencies when you have no access to banking facilities.

Australians are in debt for millions of dollars on their credit cards and most seem content to put up with a certain level of debt and pay the interest as a normal part of managing their personal finances.

The idea of saving has largely gone out the window.

In some marriages, the extreme step is taken of depriving one partner of access to a credit card when that person proves they have no practical ability to manage this convenient tool.

I was discussing this with Robert the other day, particularly in the light of Kylie's literacy difficulties.

"She may have difficulty with reading and writing, but when it comes to money matters, she is very careful," Robert said.

"I think it was growing up in poverty that made her so aware of the importance of treasuring everything.

"If anyone has a credit card problem, it would be me.

"When I eventually get around to doing my Christmas shopping, usually in the week before Christmas, I am the one who tends to go a bit crazy with the card. "Then when my sins are found out, do I cop it?"

Credit cards are one of those many devices that are useful servants but very bad masters.