Now i am of the firm belief that some people are good with money and some are not; and then there are some more of us who are absolutely terrible, and shouldn’t be let near a credit card if it was the last available object in the world that could save their life…
This is why credit card companies operate after all. The credit card companies want you to pay them ridiculous amounts of monthly interest because that’s how they make their money after all; they are not benevolent institutions, there to assist those who are short of a few quid now and again. The worst thing you could do with your credit card, as far as they are concerned, is pay your balance. This would put them all out of business. So never think that you beause you’re rubbish with money they won’t take you; you are their ideal customer, they just want you’re money and for you to never clear your balance.
Of course the best thing for you, as hard as it may be, is to clear your balance. Now i don’t mean that £5000 balance you’ve got now, because let’s face it, you can’t pay it off can you? Not just like that. What i mean is when you get a card for the first time don’t go nuts with it. Don’t spend up to your max and then spend the next few years paying back an amount that you could feasibly pay in a month if you had no more bills to worry about; this is frustrating. What you need to do is start by paying off your bill every month, but never spend more than you can afford. This will build your credit rating perfectly and also teach you some money sense. It’s hard but try it out.