Credit and store cards: the dangers

Over the years Britain has become increasingly reliant upon credit, and many people have started to rely on plastic in the form of credit and store cards. This type of credit can be very useful when used properly and when willpower is exercised, but spending on the plastic can very quickly get out of hand, which can – and has – led to people finding themselves in huge levels of debt very quickly.

There are people that are able to spend widely on credit and store cards, and then repay their spending at the end of each month, which means that they get to enjoy the ease, convenience, and flexibility of credit cards without the added charges and high levels of interest. However, there are also consumers that have little or no control over their spending, and these are the people that can find themselves adversely affected by spending on the plastic.

Many people manage to clock up thousands of pounds worth of debt on credit and store cards, and then can only afford to make a minimum repayment on their cards. This means that you could be paying off your credit and store cards for many years – even decades. In fact, some people clear their mortgage before they manage to clear their credit cards, which reflects just how costly these cards can be in the wrong hands.

Read more at: Credit and store cards: the dangers