Credit Cards Explained
This 60-second video explains how credit cards work and how to stay in control of them.
A credit card is probably the easiest and most flexible form of borrowing. Using one is like borrowing on an item by item basis. And they come with a host of advantages over cash:
- You can buy now, pay later and take advantage of interest-free deals
- Losing one is safer than losing cash
- You’re legally protected when you make payments of £100 to £30,000.
But the ease of getting and using a credit card is matched only by the ease of getting into financial trouble if you mismanage repayments!
To stay in control of your credit card means making sure you repay the full amount each month. You can get the cash flow benefit without paying any interest!
However, the credit card will take control of you if you only make small monthly repayments. Then your debt will grow month by month. And because interest rates on cards are relatively high you’ll start to be charged large sums of interest very quickly.
But if properly managed there’s every reason for a credit card to be in your wallet.
Explore numerous credit card options, including those designed to help rebuild your credit rating, by visiting our website now.
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