With credit cards being widely accepted everywhere you go, it seems unnecessary to carry cash or even use your checkbook. However, using credit cards can be a costly affair. If you miss one or several payments, banks are quick to charge late payment fees and the interest rates can cost you a house in the long term.
“Credit cards are the most expensive form of finance with interest rate in the range of 32-36 per cent per annum. In that sense, any credit card bill paid partially involves that kind of interest,” said Preeti Bhambri, founder of personal finance site MoneyCamel.com.
Published: Gulf News- July 5,2015