addicted to credit?

Credit was designed as a matter of convenience so you could make large purchases without running the risk of being whacked on the head and robbed because you were carrying a large wad of cash. Credit wasn’t intended as a way to extend your earning power. Yet so many options are open to us these days on credit. Let’s take for example, Mobile Phones, Credit Cards, Personal loans and Catalogues.

So how do you know if you are addicted to credit? Well, do you find yourself applying for credit you really don’t need? If you already have available credit and spot a new credit card which isn’t offering you a great deal, would you still apply? It’s always great to have an extra avenue of credit available, however, it’s easy to start relying on credit.

So what’s the purpose of all this?
Well, to see if you are using your available credit wisely why not take your credit cards out of your wallet and put them somewhere safe such as in a home safe etc. See if you can last without the temptaion of using them or applying for credit on “buy now pay later” for example.

If you are using an overdraft or taking cash advances often then thing’s aren’t looking too great, but you can still get yourself back into shape.

We all start of with good intentions of paying off our bills in full each month, however, the more credit we take, the more we have to spread these payments. Eventually, one small credit card repayment becomes several on top of any other agreements you may have.

Credit is not a bad thing, if you used wisely. If you can afford to pay for something with cash is it really better to leave it in your savings account and use the credit card?

Sure, you get a lot of extra protection and warranty when you pay by card but once you start making just the minimum repayments then you can easily end up in the credit addiction.

You probably don’t need us to tell you that Credit can lead to family break ups and a lot worse, however, using credit sensibly can help us buy today and pay later.

Just remember, circumstances can change, always try and live within your means, if your outgoings are exceeding your income, it’s not wise to take on extra credit, instead get some advice with your local citizen advice service. There are a lot of options available to you, Credit is not always the answer!