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Keep cash control over your finances

There are many out there who - when it comes to finances - think that an array of credit cards, debit cards and overdrafts are the only way to keep good day-to-day budget control.

With numerous offers, deals and rates available from banks hoping to tempt new customers, adding another credit or debit card to the collection can often seem like a truly simple solution to your financial woes. Many enter into credit or overdraft agreements with banks without a real understanding of the consequences and implications of their decision and end up becoming stuck in an endless cycle of high-interest debt repayments that can often take years to complete.

The Wall Street Journal this week published an article on "Four really costly myths about credit cards", in which they analysed the truth behind the glossy facade of numerous credit card offers. From interest rates to credit limits, the article made clear that many consumers are completely unclear about the harsh realities of their credit card contract before they sign on the dotted line.

While busting the mystic money myths that surround the use of cards - both debit and credit - is all well and good, we at Cash-is-Cool urge you, our readers, to consider a much more simple option. Don't allow yourself to be tempted into costly credit and debit card agreements when, in reality, it's preserving those pennies that you need to be most cautious about.

If you're in a financial fix and you're not sure about the best solution, falling into a cycle of overdraft and credit card debt is never the answer, however simple a solution it might initially seem. Stick to something simple and restrict yourself to a cash budget. Always reliable and never shrouded in myths and red tape, cash savings are the easiest way of ensuring that you know exactly what money you have going out and coming in.

Keep cash control over your finances and don't allow yourself - or your debt - to spiral out of control.  

Friday, 23rd March 2012

Tags:   cash  /  wall street journal  /  budget  /  debt  /  credit card  /  overdraft  /  bank
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