SPECIAL FOCUS ON...


•When you buy on credit using your credit card or store card, for example, it means that you are incurring debt.


•Credit can be very misleading, especially when it seems like you don’t need cash immediately to buy what you need.


•But you pay more in the long run for buying on credit or borrowing money. Why? Because you pay for the convenience of buying without actually spending any money. This is called interest.


•If you can’t pay back debt, the goods you bought on credit might be repossessed.


SOLUTION – avoid buying on credit unless you really, really have to. If you do buy on credit, try to pay it off sooner rather than later and pay more than the minimum monthly instalment whenever you have extra cash on hand.


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