ENGL 200 D: Reading Literature: Literature in the Marketplace

Defoe’s allegory of credit in his work “On Credit” addresses the idea of merit in relation to credit, where those who have the least need for credit tend to be deemed the most deserving while the needy are looked over as undeserving.  Credit constantly chases money, and as the borrowers become attached to her services, they risk losing and not being able to reclaim everything they enjoyed while in her company.

Even though the poor would need credit and money more than the rich, the rich tend to spend more which makes them a more favorable “client” of credit.  While the rich didn’t need credit for the essentials like the peasants, they instead invest and spend on unnecessary luxury items, both the 18th century as well as the modern era.  As a result the spenders were beginning to be viewed as the most valuable contributors to society since their spending produced sent ripples through the economy, extending the effect of the credit far beyond the initial loan.

Defoe’s personification of credit as an attention-seeking whore reflects the fickle nature of loans and credit, since those who have built up a history with Credit receiving preferential treatment.  At the start Credit just patiently waits, offering her “services” to all, especially those who look like they can pay well, and as long as the payments keep coming Credit sticks around.  However as soon as a payment is late, Credit’s trust in her customer fades, their worth evaporating in her flighty eyes.  A rich man who wrongs Credit must start with the common poor folk and work diligently to earn his lady’s favor again, though it takes years of perfect behavior before she will forgive his missteps.