|
|
 |
CREDIT
CAN BE CONVENIENT WHEN IT COMES TO MAKING DAY-TO-DAY PURCHASES,
AND EVEN ESSENTIAL WHEN IT COMES TO OBTAINING SOME LIFE'S'
BIGGER TICKET' ITEMS, SUCH AS CARS AND HOLIDAYS. BUT IN
ORDER TO MAKE SURE CREDIT WORKS FOR YOU, RATHER THAN AGAINST
YOU, IT MUST BE KEPT UNDER CONTROL.
HERE WE'VE LISTED SOME SIMPLE 'DOS' AND 'DON'TS' TO HELP
YOU MAKE THE MOST OF YOUR CREDIT AND KEEP IT UNDER CONTROL. |
|
|
TO
KEEP CREDIT UNDER CONTROL - DO:
| - |
pay
with cash if you can afford to |
| - |
keep
a budget and make debt repayments a priority in your budget |
| - |
pay
off the full balance owing on credit cards, not just the minimum
payment |
| - |
stay
within your credit limit at all times |
| - |
reduce
the number of credit cards you have (preferably down to one
at the most) |
| - |
keep
all records relating to your credit contracts and any related
transactions |
| - |
keep
a running tally of your debts - especially anything you spend
on your credit card - so that you are always aware of what you
owe |
| - |
read
the fine print on all credit contracts and other financial products
before you sign anything, and ask your creditor questions if
you don't understand it |
| - |
shop
around for the credit that's best suited to your situation,
and will provide you with value for money |
| - |
refuse
a credit contract (or an increase of credit limit) if you don't
think it's right for you, especially if you're being pressured
to sign…you're the only one who knows your situation and what
you can afford to repay |
| - |
take
at least a few days to think over any large credit purchases
and agreements before you commit yourself |
| - |
take decisive action as soon as you think
you may have trouble repaying a debt, starting with contacting
the credit provider, and with contacting a financial counsellor
if necessary |
|
TO
KEEP CREDIT UNDER CONTROL - DON'T:
| - |
take
out a credit contract if you could use cash instead, or save
up and purchase it later |
| - |
purchase
anything on credit that you know you don't really need |
| - |
take
out any form of credit if you are not sure how you will repay
it |
| - |
get
more than one credit card |
| - |
throw
away banking records and records of other financial transactions
and contracts |
| - |
ignore
the fine print associated with any credit contracts |
| - |
succumb
to sales pressure, even if you're told the offer 'can't last' |
| - |
take
the sales assistant's word for it that it's 'the best deal around';
do your homework - shop around to find the credit that really
is best for you |
| - |
ignore
a problem debt - it will only worsen the situation |
| - |
accept
the bank's offer to increase your credit limit unless absolutely
necessary |
|
|
