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Saturday 26th July 2008
The last decade has seen credit card debt mushroom in the UK and while property prices had supported many with large credit card borrowings, this support has started to disappear. But there are ways and means to cut back on credit card use and save money in the short, medium and longer term.
Some of the main credit card mistakes include :-
Withdrawing Cash
Never withdraw cash from your credit card unless you have no other choice! Not only are interest rates substantially higher (25% to 40%+) but until you payoff your original debts your cash withdrawal will still be part of your debt and attracting a higher rate of interest. Cash withdrawals are always the last to be taken from your balance.
Credit Card Cheques
Credit card cheques are very much the same as cash withdrawals and attract the same level of interest and terms and conditions. Again, unless there is no other option you really should think again.
Using Your Card Overseas
We have covered this on a number of occasions only for people to ignore the warning signs and return from their holidays with large transaction charges. Check the small print before you go on your holidays and see what you can expect to pay.
Long Term Borrowing
Each and every person in the UK credit card market is likely to have added substantial debt one month expecting to pay off the debt at the end of the month. It is far too easy to see this short term debt turn into a longer terms arrangement attracting large interest payments. Perhaps in this situation a formal bank loan may be something to consider? |
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