Using credit or any kind of loan can seem like an easy way of accessing more money, but it can lead to debt.
Here are two examples of how credit might be used:
- to go on a once-in-a-lifetime trip or make home improvements;
- or it can be to pay for day-to-day essentials that can become increasingly hard to afford
The difference between repaying debt and struggling with debt is all about knowing what type of credit is best for your circumstances. Understanding the different types of credit available is key to this.
Age UK have recently published an excellent guide to credit/loans and when to use them and which kinds are the best for you. Although their advice is aimed at older people, it actually applies equally well to anyone considering credit/loans. It’s well worth a read if you are considering borrowing money in one way or another – Age UK Article