I think we have all at some time in our lives felt the strain when it comes to money. I know I have. Especially when I was younger and going into buying my first house and running two cars. There were some weeks I would just literally scrape by. Although it’s not for everybody, my credit card got me through some tough times. One instance was when I had to find a huge vets bill when my beautiful Staffordshire bull terrier took ill. I would never have been able to clear that off in one go if I didn’t have my card to carry me through to my next payday. So it was always a comfort knowing that it was there should I have needed it.
I don’t think that for one minute that everybody should go out and get a credit card. For those who find it hard to look after their finances or are not so sensible when it comes to budgeting, then I wouldn’t recommend that a credit card would be the best option. However, I feel that there are some huge benefits to be had if they are used the right way and here they are.
Improve Your Credit Score
No doubt if you have experienced trouble managing your finances in the past, then your credit rating is going to reflect that. This sometimes makes obtaining future credit difficult, which obviously is not a good position to be in. This is not the end of the world though, there are now many specialist finance providers that could help. A reputable credit card company such as Vanquis can actually help improve your credit score. The credit limits are realistic and manageable and as long as you pay as much as you can off with each payment then you will stay on top of your account and will be rewarded with a green score credit rating in return!
If you are paid monthly as I have been in past jobs, it can be a nightmare waiting for that next payday to land! Unexpected bills can happen and do happen. You could need a new tyre for the car, or the boiler could inconveniently pack up, I’ve had this happen! Then wouldn’t it be nice to have something to fall back on through the tight weeks? Of course there are other options. People could be tempted towards payday loans, unfortunately, these are renowned for their extortionate rates. Alternatively, take out a bank loan. This can however take time to arrange and it’s so much more convenient to reach for the credit card and pay whatever or whoever needs paying there and then.
I think it’s hard sometimes to admit that you need a little help financially. To have to rely on family or ask somebody you know to lend you money, can feel so degrading. It can feel really awkward having to ask for help, even if you know that a relative would willingly help. If you have a credit card then you can remain independent and take control of your finances, get back on your feet and nobody need know about your money situation.
Keep up to date with payments to avoid charges.
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*This is a collaborative post*