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At times, borrowing can be useful and convenient. However, borrowing is a considerable responsibility, so only take it on if you can manage it. If you decide to borrow, you need to weigh up the costs, including APR and any fees and charges, against any benefits you receive, when choosing the right product for you.
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Credit is any sort of arrangement by which you obtain money, goods or services and agree to repay at a later date.
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Certain information about you and any existing credit agreements is held by a credit reference agency. A credit provider will check this information before deciding whether to lend you money.
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Using a credit card can be a useful way of paying for shopping, making online purchases, or making purchases abroad.
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Like other forms of borrowing, a loan helps pay for something when for some reason the money isn't already available.
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Because relatively few people have enough ready cash to buy a house, the majority of home owners take out a loan for the purchase.
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Other forms of credit include bank overdrafts, store cards and Buy Now Pay Later schemes.
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In debt and need help?
Call a CCCS counsellor on 0800 138 1111.
