Paying cards off, the credit card trap
Are you used to paying cards off as soon as the bill arrives? 
You shouldn’t spend on a credit card unless you have a plan for paying cards off at the end of the month.
Don’t fall into the trap of spending lots of money on plastic in the belief that you only have to pay it back at the minimum monthly payment of 2%. A £1000 purchase on Mastercard will take over 21 years to pay back at the minimum monthly payment, and by then it will have cost an extra £1327!
Even worse, with payment protection you may never pay it off as after 21 years you would still have an outstanding balance of £997, and by then it would have cost you in excess of £5,283!
Also, the perils of borrowing cash on a credit card are far more significant as the interest rate for cash from a credit card is set higher than the minimum monthly payment so each month the amount of credit outstanding will increase.
There are many people who don’t realise that the APR (Annual Percentage Rate) on cash from a credit card can be as high as 28% or even 32% when normal purchases are charged at circa 16%.
You must always make sure you have the means when you spend on credit that you can habitually make sure you are paying cards off at the end of each month. If you can’t pay them off you have a choice, you either don’t spend on them in the first place, or make more money.
Personally I always choose the latter, I don’t want to stop buying what I need so I make money online as well as working full time outside the virtual world.
Ask me how and I’ll welcome you to a lifetime of residual income
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