When I was sixteen, I got my first credit card (an add-on from my dad) along with a severe warning that it was for ‘emergencies only’! In the back of my mind, the consequences of facing my dad with my credit card bills was reason enough to enforce the ‘emergencies only’ rule.
But once I hit my twenties and had my own cards, my concept of emergency spending began to include the latest Dior handbags, drinks and dinner with my friends, cellphone, ipod….and of course these were things I just had to have!! So in a very short span, I was in credit card hell! I really thought I knew better – my dad waned me repeatedly, I studied economics and business at school and university, I had seen friends live far beyond their means, so I how did...