Good for some (Credit Cards in general)

Member Name: n1cknick

Product:	Credit Cards in general
Date:	19/06/09 (15 review reads)
Rating:

Advantages: If you are clever and sensible you can reap some great rewards from using credit cards

Disadvantages: If you are irresponsible and disorganised they could get you in a real financial mess

Credit cards have a bit of a stigma attached to them and especially in the recent credit crunch they have been blamed for a large amount of the debt that people are in. Lenders are also been blamed for giving people such high credit limits and also approving applications when the person has multiple credit cards or a large amount of outstanding debt.

I have always had a credit card but rarely use it except for when i have had to make large payments over the phone and occasionally when i have been abroad.

I think if you are responsible and disciplined with a sensible attitude towards spending then credit cards can be used to your advantage, giving you great benefits and increasing your credit rating.

If you are irresponsible or miss payments regularly it could be a downward spiral, so if you know you are prone to be a bit of a shopaholic or you're a bit disorganised when it comes to finances i would respectfully suggest that a credit card isn't for you or to ask your bank to fix it at a certain limit that you know if easily within your means.

Credit cards have lots of benefits if you use them cleverly - there is so much competition on the market now that companies want your custom and there are many with cashback rewards, airmiles, Tesco clubcard points, Nectar points - the list is endless and if you are clever you can use these all to your advantage without incurring any debt.

Summary: Good for me but i have seen how they get the better of some people