Don’t rush into getting credit when you are strapped for cash

Most of us have faced financial problems at some time in our lives and with the current economic crisis more and more people are looking to credit in one form or another to help them out. It is better to try and avoid trouble before it happens so when you take out any form of credit make sure you read all the small print and you know what you are letting yourself in for. First of all, make sure that you know your rights.

Most financial products, such as insurance and credit agreements, have a ‘cooling off’ period from when you sign on the dotted line. This allows you time to think again if you really want the product. The period is normally at least fourteen days so check up on this when you sign. Make sure you know the dates of when any payments are due for loans, catalogues and any other financial commitments that you have.

If you are not going to have enough money in your bank account to make a payment, then inform your bank immediately. They will advise you and help you with the best course of action. This way it may be possible to avoid charges. If you are in any sort of interest free deal, make sure you know when the deal ends and you are going to have to start paying interest.

If you use a cash point then check that it has not been tampered with. If your card is withheld or you think that there may have been fraudulent activity on it, then inform your bank straight away and they will pursue the case for you. The same as with any financial problem; always keep the relevant parties informed so that they can help you. This way you will avoid the problem escalating out of control.


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