Even though the plastic money has lot of advantages, credit cards are one of the dreaded financial instruments as far as consumers are concerned, due to the sheer amount of money he/she has to pay in terms of interest for revolving credit and other charges. So, no doubt, this shall be the first of the liabilities a person has to repay.
Considering the ongoing economic down turn, apart from reducing credit card spends, there are a few other things that one may follow to lead a safer ‘financial’ life. This includes maintaining and emergency fund, having a strictly followed budget etc.
This article from rediff explains about various things that you may consider for yourselves to lead a financially safe live in the economic decline. Worth a read!
- Credit card and effective interest rate
- Interest rate on credit cards to increase to 49%