Credit cards can offer real benefits
Using credit cards can offer very real benefits over other forms of payment if used sensibly.
That's the message coming from industry experts who are concerned that some of us are not using our plastic properly. Varying interest rates and the cost of long-term borrowing can all affect our overall amount of debt.
The analysts have said that credit cards are convenient, secure and widely accepted. But it must be remembered that it is borrowed money that is being spent and must be repaid.
Important to remember are default limits and that the fees being charged in interest are appropriate for the level of spending. Late payment fees can also quickly rack up a credit card bill.
And, say the experts, if things do get out of hand then there is nothing wrong with informing the bank and coming to a repayment agreement.