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Do you use credit cards
STOP AND THINK BEFORE YOU SINK! Many people are at risk of loosing everything they own! Why you might ask? The reason is that too many people look for a quick fix to get out of immediate trouble, without the realisation that in the long run, that quick fix could cost them dearly.
Credit card companies are always making seemingly good offers,I bet you have had at least one call stating that you can make a balance transfer from other cards, at zero interest for up to twelve months or sometimes longer, many people think great that will save me a great deal in interest, but there's a catch! If you have an outstanding balance on that particular credit card, not only will you have to pay 2 or 3 percent handling fee for the amount transfered, you will also find that when you make a payment, the amount payed will be taken off the amount you transfered, (zero interest)NOT OFF WHAT YOU ALREADY OWED! so you will have to pay interest on the money you already owed before the transfer, and if the transfered amount will take you the full twelve months to pay off, thats twelve months more interest on your original balance, so you could end up deeper in debt than before you made the transfer. The best policy is never to spend more on your credit card than you can comfortably pay off at the end of the month, with the rising price of heating bills, gas and electricity, higher water rates, rising rates in council tax and mortgage interest, and also fuel price rises that affect almost all commodities, think before you make a purchase, do you really need it or do you just want it? It's far better to be in want, than to be in need due to impulse buying! I hope this will help make you stop to think of the long term outcome of your hasty decisions, kindest regards Peter J Linnell.
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Contributor's Note
If in doubt about any financial problems,you can always contact your local Citizens Advice Bureau.
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