A big credit card trap that could cost you thousan

Credit cards are great for emergencies and shopping but can cost users plenty if they are not repaid and managed responsibly.

Some credit card users get caught making only the minimum monthly repayments on their credit card or store card. This is often not enough to repay the debt on time. Consumer finance specialist Lisa Montgomery said minimum monthly repayments on credit cards can lure users into a false sense of security.

“Minimum repayments can cost you thousands of dollars over time.”

Source: Herald Sun