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Is your Credit Card your Friend or Foe?

<img src="credit card.jpg" alt="Credit card" width="300" height="200">



Even though a credit card can be handy when you really need it, it might not be such a good idea to have more than one. As society, we tend to look down upon those in the clutches of addiction like gambling or drugs. Juggling a few credit cards while maximizing them out one by one can be even more dangerous and addictive! Same goes for emotional or compulsive shopping.


Diamonds are a girl’s best friends, or are they? In modern times it might be “plastic”. While a diamond is one of the hardest substances on earth, your plastic credit card on the other hand, can be “vulnerable” and quite a curse when not handled with care. It will surely leave you vulnerable and in despair when misused. The latest fashion is to catch the eye by flashing that card in paying for things such as restaurant bills. With card cloning also such a fashionable practice, it may cost you dearly.


To many, a credit card can be a temptation to spend what they don’t have. Christmas temptations especially might be just as fattening to your credit card as to you! The more the merrier, goes the saying, which doesn’t only apply to the amount of family members and friends attending your Christmas party. A laid back merry holiday mood calls for more spending than usual. You worked hard during the year and what better time to spoil yourself and your family members, right? You deserved it after all! Then of course, these holidays are harvest times for most businesses and holiday destinations. This calls for the prices of everyday necessities skyrocketing during these times. According to the clever financial advisers, to go on holiday on credit, might be one of the worst decisions you can make. Your year kicks off on the wrong foot!

Now what do they advise, then? To save, of course! For most of us earning a monthly salary that is usually easier said than done. So many workers are being laid off in this difficult financial time and that monthly salary can never be an absolute guarantee. It would be wise to have at least three month’s salary saved up to give you a bit of leeway while job hunting. How about those already in debt? For starters, they advise to start paying off the smaller accounts bit by bit and working up to the larger ones like a car or house debt.


As we all know too well, life can get pretty messy at the most unexpected of times. Unfortunately, most devastating tragedies usually have a direct impact on your finances. Just think about the broken washing machine in the midst of winter, your out of warranty car breaking down or the illness wiping out your medical aid funds way before the end of the year.

This is where that nest egg or even a credit card or personal bank loan can be of tremendous value. If you are already up to your ears in debt or your credit card used to the maximum, you are in big trouble! At least, if you’re not able to save much, save a “clean” credit card for the untimely “rainy day”.