Credit Cards: the best way to borrow?

08Jul08

Credit Cards: the best way to borrow?

As economic pressures become more of a concern people are becoming more conscious of saving where ever possible. The threat of a recession means that we are all forced to take more of an interest in financial matters and become more money savvy.

One thing which I was surprised to learn was that Credit Cards are now considered to be a good way to borrow money. Of course borrowing money is best avoided (as is lending money) but some ways of borrowing are better than others. I have never understood the ease with which people become indebted. It seems like putting off the inevitable and making your future harder for the sake of short term gain. There are some situations unfortunately where it is unavoidable.

According to Martin Lewis (of MoneySavingExpert fame) borrowing on Credit Cards is one of the best ways in which to get cash whilst paying relatively low interest rates (if you are super organized). For instance if you use a Mint 0% Credit Card (or one from Barclaycard or Capital one) you can defer costs until after payday without using a payday loan.

A perhaps more controversial piece of advice that Mr Lewis had for the public recently was to ‘live within your means’. He suggested that we should not think about how we can sustain our standard of living but how we can base your lifestyle on how much money we actually have.

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One Response to “Credit Cards: the best way to borrow?”

  1. 1 CreditCards

    Great Financial Article ! Thank you for keeping up the good work. I look forward to returning to your blog, and learning more about Credit ,Debt,Cards!


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