Credit Cards - Types of Credit Cards Available Online for Application Credit Cards A few years ago owning a credit card was a luxury. Owning a Gold Card (which you could not own unless you earned £20,000 or more) was like posing a Rolex Watch. Thesedays owning a credit card (and using it) is part of every day life.

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Credit card companies are desperate for you to own and use their cards and offer great incentives to entice you.

Where can you use a credit card?

You can use your credit card almost anywhere thesedays. Shops, paying for holidays, cars, home improvements and even online payments. In fact, it's one of the safer methods to use when making a purchase as many credit card companies have anti fraud facilities and protection plans in place.

Why use a credit card?

Credit cards are used for many reasons. One of these reasons is the individual may have a poor cashflow situation until the end of the month when they are paid. The credit card becomes a handy substitute for a bank account from one month to the next.

Other people who are cash rich may still use credit cards to gain points or awards. For example, some credit card companies will issue a percentage of your monthly spend on the credit card back to you in cash or vouchers etc (such as air miles). Many people take advantage of this and put ALL the monthly spending on their credit card and pay the balance off before the due date and take full advantage of the rewards issued to them.

Can I use a credit card to get cash?

Yes you can use your credit card just like a debit card from your current account, however borrowing cash from a credit card levies a much higher interest rate on the cash withdrawn so it is sensible not to do this unless it's an emergency.

Visit www.aph.org.uk and read about credit cards.

Debt consolidation loans can be either secured or unsecured depending upon the amount of debt you need to consolidate and your personal circumstances. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

Individual Voluntary Arrangements - IVA's

An IVA is a formal agreement involving you and your creditors. An Individual Voluntary Arrangement allows you to discuss your debts with those you owe money to and come to a mutual agreement on making reduced payments to go toward the total amount of your outstanding debt. This will usually be a percentage of that amount and in general, the total debt would be classed as settled after a 5 year period.