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Weekend West Article 14 December 2019

Updated: Oct 31

In the Weekend West Andep’s director Liz shares her opinions on credit cards and whether we still need them.

Season to cut up the plastic

Credit Card Pitfalls
  • Misunderstanding your interest-free days

  • High interest rates

  • Encourages overspending

  • Annual fees can outweigh perks

  • Revolving debt


MEILIN CHEW


In the article, Ms. Liz Gliddon, director of Andep Investment Consultancy, talks about the dangers of credit card debt and how many people tend to get trapped in it. She emphasizes that consumers often underestimate how quickly interest charges can accumulate, especially if they don't pay off their balances in full each month. Ms. Gliddon mentions that even small amounts of outstanding debt can grow into significant financial burdens due to the high interest rates associated with credit cards.


She advises that while some may think credit cards offer flexibility, the costs can outweigh the benefits if users aren’t careful about managing their spending. Her key message is that consumers need to be highly disciplined when using credit cards and should consider alternatives such as debit cards or paying cash to avoid falling into the debt cycle.

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