Don’t just blame the banks – take responsibility
I started subscribing to your magazine at the beginning of this year after borrowing several old issues from the local library. I love your research, stock recommendations and financial education for children.
But I don’t agree with the general note of blaming someone else (banks in this case) for one’s decisions (In Your Interest, August). Despite banks giving incorrect advice, I firmly believe it’s up to an individual to research credit card conditions and plan accordingly – the information and small print are readily available online. It is also common sense that spending $7000 a month on a $5000 monthly salary will lead to debt. So we have to take responsibility for our own decisions – it’s very liberating!
I used balance transfers successfully when I was left with a $24,000 credit card debt after the sale of my business in 2010, with the new owners still using my credit card from old records.
I applied for a new 0% interest balance transfer credit card just before expiry of the previous one every six months and I was able to pay off my debt within two years on a single salary. Monica