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Why Tom Elliott disagrees with the push to ban the use of credit cards for gambling

Financial experts are calling on banks to ban the use of credit cards for gambling, in a move slammed by 3AW’s Tom Elliott.

The Barefoot Investor, Scott Pape, reignited the issue in a Herald Sun article at the weekend and Director of Policy and Campaigns at Financial Counselling Australia, Lauren Levin, today supported the idea.

“It’s really different when you’re gambling with money that you’ve got, as opposed to going into debt in order to gamble,” she told Tom Elliott.

“It comes back to bite people.

“It takes years and years to recover from it.”

But Tom Elliott said the push goes too far.

“Where would it stop?,” the 3AW Drive host questioned.

“Plenty of people have a problem with drinking, would you take their credit cards and make them not valid at Dan Murphy’s?

“If someone is morbidly obese, which could kill them, do you stop their credit card from working at Maccas?

“This is where I worry that we’re headed.”

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The National Debt Hotline can be contacted on 1800 007 007 for free and confidential advice from professional financial counsellors.