Allison Tait Interview About Credit Cards

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Allison Tait Interview About Credit Cards

Allison Tait is the writer of a great book called, Credit card Stressbusters. This book is an in depth look at why people use and love their credit cards. Plus the book deals with how to lose your credit card and how to pay off the debt. We are lucky to have a great interview with her this month.

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OK Allison, maybe you could tell us a bit about your background and what you are doing now?

I'm a journalist with more than 20 years' experience. For the past eight years, I've specialised in writing about personal finance for ninemsn Money and MSN NZ and, more recently, Madison and news. com. au. I'm very good at asking questions!

Allison you have written a book called Credit card Stressbusters. In there you talk about all the reasons why people should cut up their card. But if you had to narrow it down to just the top three reasons why people shouldn't get a credit card, what would they be?

In the book, I suggest that people cut up their cards because the implication is that if you're reading the book, you've got a problem with credit card debt. I think the three biggest problems with credit cards are these:

1. They create distance between the purchase and the payment - and make it much easier to spend money and live beyond our means.

2. People seem to forget that the money they're spending is not theirs - it belongs to the credit card provider and it comes at a hefty price (high interest rates).

3. The minimum payments on credit card debt are devised to keep the bank happy - they're not designed to pay off your debt. If you only pay the minimum payment, it can take years and years to clear the debt, and cost you thousands of dollars. To use a credit card wisely, you must pay it off in full each month.