Credit Cards: Should You Come Out From Behind The Sofa?

In the immediate aftermath of the UK credit crunch - and indeed the financial crisis across the world - a funny thing happened

.

The ire of commentators began to focus not on the big banks, as it has since, but on individual consumers.

It was irresponsible personal borrowing, it was argued, that had bought the economy to its knees - extravagant lifestyles and living beyond ones means were muttered about.

Never mind that the amounts being paid back began to outstrip those being borrowed or that shady sub-prime deals struck by the banks themselves now seemed the more likely cause of the crisis - the (largely right-wing) critics put the blame squarely on the shoulders of individuals and their dubious morality.

In this period the only form of plastic to seem vaguely acceptable was 0% balance transfer credit cards which - since their primary function is to clear an outstanding credit card debt they became, even more, the banking world's good guys.

So, is it safe to come out from behind the sofa and again compare credit cards without shame?

Perhaps. However, the market is a changed place for three main reasons which are worth bearing in mind when you decide that you might want to apply for a credit card again.

The first reason is that it's now much more difficult to make an application and be accepted.

Not only are there less instant decision credit cards than before all credit cards have a far lower acceptance rate and the providers typically expect a long and fairly glorious credit history before they'll allow you to borrow with them.

Second, the top deals are much less on top. For example, the Virgin Money credit card has lost its top spot on 0% balance transfer comparison best buy tables and, in general, the lengths of those offers are shorter.

That's not to say that they are not worth applying for and this is how we get to the third point to remember when you come out from behind the metaphorical sofa and back into the credit card world.

The third point is that to avoid the ire of the credit card critics - and of course protect yourself - you should make sure that you're borrowing to an end.

This means that you'll be borrowing for a specific thing and with a specific repayment plan in mind.

All in all, it's worth coming out from behind the sofa but only very cautiously.

by: Julia Cook

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