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Imagine going to the bank to apply for a loan, and you
state that the purpose of the loan is to buy supper.

Unfazed, the banker very courteously tells you,
"That's fine, just sign the form. And by the way, you
can take an additional amount for the new
Anheuser-Busch beer which I am sure you and your
friends will enjoy."

The banker then whispers to you, "eeh, I know I am not
supposed to tell you this, but you will be charged 20
percent annually and 30 percent for late payments."
"That is just great", you say, and then take the money
and walk out.

Sounds absurd, yet that is what actually happens every
time one uses a credit card to buy household goods.

Experts say that if you don't have the money to buy
your basic essentials, you won't have it end-month.

Robin Holland of Equifax, a credit reference bureau,
concurs. If you don't have the money to pay for an
item now, you probably won't have it after the
credit-card bill arrives, he tells Equifax Website
(EFX – news – people).

One may then ask, for what purpose are the credit
cards? For Credit cards are very convenient when used
with maximum degree of circumspection.

Don't use it for impulse buying, and before you enlist
for one, be sure to check out the minimum payment
credit-card calculator which will show you how much
you will end up paying if you pay only the minimum
amount every month.