Bankcard logo, and a bank branch in the 1960s.
The debt genie: good servant, bad master
EASY credit is a two-edged sword. For most people in mainstream Australia it's easy to borrow money, but for a great many it's a lot harder to repay. I remember the solemnity that accompanied the arrival of my parents' first credit card. It was the 1970s and "Bankcard" was new to Australia. My vague memories of dinner table conversations are that this was an American idea, convenient but dangerous. Firm rules had to be established to make sure this powerful new genie remained a servant and never became a master. Bankcard purchases had to be closely…
