Five things NOT to put on a credit card

Some things are not meant to be paid for with a credit card. Here are five:

A wedding – brides and grooms can spend years paying it off – and thousands in excess interest.

University fees – The HECS-HELP lending scheme is effectively interest free. The debt grows at the rate of inflation. Even if you want to pay your upfront for the ten per cent discount, you probably will pay more in credit card interest.

Your mortgage –  This is doubling the debt damage and is a big danger sign of money trouble.

Your tax – If you have a debt, the ATO can arrange a repayment plan.

Holidays – Don’t succumb to a plastic trip-tastic because afterwards you'll have nothing but selfies to show for it.

Source: AMP Bank

 

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