Credit Cards

Credit Cards may be a convenient way to shop, but they can easily tempt you to buy more than you can afford, leading to large debts. Typical high interest rates on credit cards mean an unpaid bill grows quickly.

Know the Warning signs:

‘Minimum Monthly payments' do not reduce the amount owing on a card by very much. If that is all you can pay, then your debt with interest costs will grow; fast!  (see the tool here)

If you are forced to spend on credit cards just to buy the basics, a Financial Counsellor can help you explore more options for affordable finance and review your budget.

Taking a cash advance on a credit card always costs interest from day one with no interest free period.

Better Ideas:

Debit Cards are just as handy for shopping, but limit your spending to money you already have in the account. No overspending, no interest  charges, and no DEBT owing!

Be aware of ‘interest free’ periods on purchases on a credit card. This may only apply if your balance has been paid off in full the previous month.