Money. It definitely makes the world go round, and it is certainly better to have than to not have. But even though in an ideal world everything would be paid in cash and we would have heaps of the stuff under the bed in sacks, the reality is that we now live in a plastic, and sometimes contact less, world and that means that we sometimes need to rely on a little bit of credit to make life easier.
There are many reasons why we might turn to a credit card. I have taken out credit cards at various points in my life, and for a variety of different reasons. The first time I took out a credit card was when I was a student, training to be a teacher. I had a student loan that didn’t go very far and found that I had bills that I just couldn’t pay. I went to my bank to talk about the option of a loan and instead took out a credit card that helped with the payments I needed to make. I then paid off the credit card when I could.
The second time I took out a credit card was in 2005 when I was getting married. I needed extra funds to pay for all those hidden costs that you just never budget for and so took out a credit card with a low interest rate that I then paid off once the wedding was out of the way. I have used credit cards to pay off the balance of holidays, which has then given me extra time to pay the holiday off.
Home improvements, either necessary and emergency, or of a cosmetic nature, a new car, university fees, a holiday. a new sofa, an unexpected bill – the list of reasons when we need to rely on credit, or a credit card of some sort, are endless. And, if used sensibly and carefully, it can be a temporary solution to a problem.
However, it is not always easy to get a credit card, particularly if you have had trouble getting credit in the past. All out borrowing goes towards building up a credit score, and late and missed payments can help us to build up bad credit. This can mean that issues with your borrowing can lead to you struggling to get credit – even if those issues occured many years previously when you were younger and reckless. You can also be affected if the address you live at has been used to get credit and has accrued a low score. Fortunately, a card like Vanquis will look into your application even if you have had credit issues in the past, specialising in cards for those who have experienced bad credit and need to work towards building up their credit score.
Ultimately, handling money successfully is about budgeting and prioritising, but no matter how good we are at doing this, sometimes we all need a little help in this department. Credit cards, when used sensibly, can help you keep your head above water when the unexpected occurs.