Credit Cards

Guide: Personal Finance


Plastic power has taken over our lives. Purses and wallets are bulging with thin resin cards, measuring approximately 3.5 inches by 2 inches. They give us the ability to exist without real money. We can shop, travel, eat, drink, settle our debts and realise our dreams without ever having to sully our hands by handling cash.

In fact over 30 million people in the UK carry one or more around and on which we spend about £10 billion a month. Buy now, pay later...ah, there’s the rub. We all know that the day of reckoning will come but the question is when? And, most importantly, how much?

Surveys show that despite the fact that 80 per cent of adults have at least one credit card only 1 in 10 know exactly how much extra the convenience of using a card is costing them. And very few are completely clear on the differences between the various types of card.

Used wisely, credit cards are a convenient tool to help with everyday budgeting. Used poorly, and they could deal out spiraling costs and mounting debt. It’s important to use a card that’s tailored to your spending or repayment habits. Read on to learn about the types of cards available, and which one is the best fit for you.

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