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Credit card advice?

Last post Wed, May 14 2008, 2:46 PM by conmankiller. 1 replies.
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  •  Wed, May 14 2008, 11:47 AM

    Credit card advice?

    Hello. I am on a low income, and am finding it difficult to pay bills etc, after each month I am basically left with naff all. I was thinking of getting a credit card and paying off items like car insurance, council tax, mobile phone, the remaining student overdraft etc off using that, and then having a set affordable amount coming out of my account each month and having a little left over which I can use as savings. Is this worth doing, or can anyone recommend any other solutions? I have no clue about credit cards etc at all, only had one during student days and I settled it and closed it.

    thanks in advance for replies!

    • Post Points: 20
  •  Wed, May 14 2008, 2:46 PM

    Re: Credit card advice?

    Hi streak --- In your circumstances steer well clear of dangerous credit cards... self discipline and a good knowledge of credit cards is required for them to work to your advantage, because once you are into the interest trap you will not be able to climb out, this will lead you further down the spiral of depending on getting deeper into debt, of which you will have no way out.

    Instead ... as hard as it is, draw up a sensible realistic budget that allows you to seperate the money you have into different accounts and always pay your bills on time whenever you have the money, before you are tempted to spend it on other things, if possible cut back on non-vital items and put that into a emergency fund for a rainy day.

    If you need guidance visit your local CAB they will show you how to budget and balance the books quite easily before you get into financial difficulty, they would rather give advice that prevents debt problems in preference to advice when mattters have gone too far and they have to provide answers to insolvency or bankruptcy.

    • Post Points: 5