How to take care with consumer credit

Why is there so much month left at the end of the money?
Anonymous

Credit card problems?

'Plastic' money is here to stay, and credit cards can be beneficial if used correctly. The trap is that there are so many different cards, some with 'extras' offered, that you may be enticed into having several.

However, the major cause of personal bankruptcies today is the overuse of credit – credit cards and high-interest personal loans. If possible, limit yourself to one credit card – the fewer the cards, the less you will spend. Choose the one that best suits your lifestyle and budget – some have annual fees, some offer 55 days free credit, some must be paid back in full at the end of the month, others can be paid off a little each month.

If you are overwhelmed by consumer credit problems, help is available. But you should seek assistance before legal costs become involved, and your credit rating is affected.

Commonsense credit management ...

Forget the "Get Rich Quick Schemes". Many people trying these just end up further in debt as a result. The alternatives are less exciting but they work:

Money Management for Women by Sheila Freeman and Helene Richards, answers your questions on consumer credit  for Australians and all aspects of managing your personal finances ...

• What is consumer credit?
• What is a credit rating?
• What forms of consumer credit are available?
• What protection is there when I use the Internet for payments?
• Why do some companies ask for an imprint or details of my credit card before I actually use their service?
• How can I use credit cards to my advantage?
• How do I minimise the risk for personal and other loans
• How reputable are these companies offering easy personal loans which are arranged by phone?
• Where can I get help?

Find out more about consumer credit help here