Finance - Avoiding Credit Card Debt
(27 May 2011)

 

Avoiding Credit Card Debt

Avoiding Credit Card Debt with Warren Wilkinson

Credit card debt is like mold: The longer you ignore the problem, the more wildly it grows.

If you're a twentysomething, you may have put tuition or books on your credit card while you were in college.

Or maybe you charged your rent or groceries to your card. Now you're swimming in a pool of high-rate debt. And that debt has likely grown more costly as short-term interest rates have risen.


Which is a pretty good reason to get rid of it as quickly as possible. The general rule: Don't buy anything on plastic that you can't pay off at the end of the month. That principle applies whether you're charging gas or a flat-screen TV to your credit card.

Especially when you're young, the short-term freedom that credit cards provide can be seductive: Spend now, pay later. But over the long term, piling up too much debt, or failing to pay it off on time, can make it harder for you to buy a car or a house later.

Twentysomethings are one of the groups that we're becoming more concerned about. They're out there living on their own and have a whole new set of obligations.

For more info on Woolworths Credit Cards Click Here



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