Debit Cards V Credit Cards
When you’re under 18, you’re lucky! You can’t get into trouble with credit cards as you are under the legal age! But a lot of young people are encouraged to get credit cards when they turn 18! Beware as misuse of a credit card is one of the easiest ways to get into debt.
Let’s first look at the differences between the two. A debit card gives you access to your own money, so you are limited to withdraw or spend only as much as is in your account. When you turn 18...
Types of Credit
The number of credit options open to consumers has grown in the past thirty years, mostly due to advances in technology.
Each option has its own pros and cons for the user, and some are more suited to particular types of buying behaviour than others.
For example, personal loans are ideal for funding big purchases like cars, but you wouldn't use one to do your grocery shopping. On the other hand credit cards are better suited to every day type expenses than really big price items like cars.
People looking to take on a credit product of any sort should shop around for the best deal and never be pressured into signing up for a product they don't understand, or are not completely satisfied with. The search should be based on the following:
- Interest rate
- Fees payable
- When and how interest is calculated
- Any commissions payable
Now work through the list below and discover how each form of credit works…
One thing all of the above have in common is an application process. You can't just march into the bank and pick up a loan on the way home from the shops. What does applying for credit involve?
