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While today’s decision by the Bank of England MPC was literally a no brainer it does not help the thousands of home owners who are struggling to make ends meet. As we read another report from the...
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Wednesday 2nd July 2008
Is It Time To Throw Away That Credit Card?
As personal debt in the UK continues to push to unprecedented levels there are many people across the country cutting up their credit cards and reverting back to cash. But is this sensible? Is this really the way to sort out your financial affairs?
The shocking truth of the UK’s love affair with credit and credit cards is now deeply enshrined in UK life and seems set to be a part of everyday life for many years to come. While it would seem sensible to refrain from using credit cards as debts mount up, a credit card can come in very useful when looking to restructure debts.
Making use of 0% balance transfer offers, moving to cards offering a lower rate or even looking at loans to pay of credit card balances are all options, but cutting up that credit card may be a little too crude a method. As the cost of living continues to move yet higher there may come a time when short term cash flow is not able to support the consumer’s short term financial needs.
Energy bills are moving higher, car tax is on the increase and many other everyday living expenses are set to move to new levels. Maybe it is not such a good idea to bin that plastic just yet? |
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