There are two very different camps when it comes to credit cards. There are those who believe they should be avoided at all costs, and there are others who believe that credit cards can be a great budgeting tool.
Both sides can be correct, but it all depends on the holder of the credit card and how they use it.
There is no doubt that credit cards get thousands of Australians into financial difficulty every year. For those of us without sufficient financial discipline, credit cards can quickly spiral out of control and leave us in a serious debt trap that may seem impossible to escape.
But when used properly, credit cards can not only be a convenient and useful budgeting tool, they can even help you to reduce your home loan.
