{"id":1188,"date":"2025-05-30T09:36:23","date_gmt":"2025-05-30T09:36:23","guid":{"rendered":"https:\/\/pharosstory.com\/?p=1188"},"modified":"2025-06-02T10:03:40","modified_gmt":"2025-06-02T10:03:40","slug":"credit-doesnt-have-to-be-risky-heres-how-to-use-it-smartly","status":"publish","type":"post","link":"https:\/\/pharosstory.com\/index.php\/2025\/05\/30\/credit-doesnt-have-to-be-risky-heres-how-to-use-it-smartly\/","title":{"rendered":"Credit doesn\u2019t have to be risky \u2013 here\u2019s how to use it smartly"},"content":{"rendered":"<figure class=\"img-container shareable-item wp-caption\">\n<div class=\"img-wrap\">\n\t\t<img width=\"646\" height=\"431\" src=\"https:\/\/pharosstory.com\/wp-content\/uploads\/2025\/05\/GettyImages-1411250722_389ef2.jpg\" class=\"article-image wp-image-23169339\" alt=\"credit score concept on the screen of smartphone\" loading=\"lazy\" \/>\t<\/div><figcaption>It\u2019s a good way to manage your money if you follow simple rules. (Credits: Getty Images)<\/figcaption><\/figure>\n<div class=\"metro-article-audio-player\" data-vars-type=\"article-audio-player\">\n<div class=\"metro-article-audio-player-play-row\">\n\t\t\t\t<button class=\"metro-article-audio-player-play-button\"><br \/>\n\t\t\t\t\t<title>Listen to article<\/title>\t\t\t\t\t<span>Listen to article<\/span><br \/>\n\t\t\t\t<\/button><\/p>\n<div class=\"img-container\"><img class=\"sponsor-image\" src=\"https:\/\/metro.co.uk\/wp-content\/themes\/metro\/includes\/site-blocks\/article-audio\/assets\/powered-by.png\" alt=\"Powered by\" data-rewritten=\"false\" \/><\/div>\n<\/p><\/div>\n<div class=\"audio-controls hidden\">\n\t\t\t\t<audio class=\"audio-element\" src=\"https:\/\/metro.co.uk\/wp-content\/uploads\/2025\/05\/ElevenLabs_2025-05-21T15_56_55_Axell-British-YouTube-Personality-_pvc_sp100_s50_sb75_se30_b_m2-d27c.mp3\" controls id=\"audio-683d76f5e4325\">\t\t\t<\/p>\n<p>\t\t\t\t\tYour browser does not support the audio element.<br \/>\n\t\t\t\t<\/audio>\n\t\t\t<\/div>\n<\/p><\/div>\n<p>Many of us are frightened of borrowing money, whether on a <a href=\"https:\/\/metro.co.uk\/tag\/credit-cards\/\" data-track=\"inline-tag-auto-link_article\">credit card<\/a> or through a loan or <a href=\"https:\/\/metro.co.uk\/tag\/mortgages\/\" data-track=\"inline-tag-auto-link_article\">mortgage<\/a>, with a recent survey from comparison site Uswitch showing that a third of young people view credit cards as \u2018potential debt traps\u2019.<\/p>\n<p>But used correctly, credit can help you to <a href=\"https:\/\/metro.co.uk\/2025\/05\/16\/unusual-way-can-build-credit-score-a-renter-make-money-work-harder-23087747\/\">build your credit score<\/a>, manage your cashflow and even end up with <a href=\"https:\/\/metro.co.uk\/2025\/05\/13\/struggling-save-money-50-30-20-rule-help-budget-2-23014264\/\">more money<\/a> at the end of the month. Here\u2019s how to make credit a friend, not a foe.<\/p>\n<h2 class=\"wp-block-heading\">Assess yourself first<\/h2>\n<p>All of us need to know how we\u2019re doing financially, so if you\u2019re making a big purchase or need to borrow money, ask yourself first why you\u2019re doing it and if you can afford it. <\/p>\n<p>Remember, it\u2019s normal to consider finance for big purchases such as houses or cars, with 9 in 10 cars requiring financing and only a third of homeowners not having a mortgage.<\/p>\n<p>Many people also use credit for smaller purchases, for many reasons. Just make sure you go through<a href=\"https:\/\/metro.co.uk\/2022\/06\/29\/money-a-step-by-step-guide-on-how-to-actually-make-a-budget-16905935\/\"> your budget<\/a>, understand <a href=\"https:\/\/metro.co.uk\/2025\/05\/21\/everything-can-afford-different-levels-wealth-private-jets-housekeepers-23097655\/\">what you can afford<\/a> and what the payments will be.<\/p>\n<h2 class=\"wp-block-heading\">Choose credit with low rates and benefits<\/h2>\n<figure class=\"img-container shareable-item wp-caption\">\n<div class=\"img-wrap\">\n\t\t<img width=\"646\" height=\"431\" src=\"https:\/\/pharosstory.com\/wp-content\/uploads\/2025\/05\/GettyImages-2148941641.jpg\" class=\"article-image wp-image-23170257\" alt=\"Young woman doing online shopping with laptop sitting on the floor at home\" loading=\"lazy\" \/>\t<\/div><figcaption>There are potential benefits to taking out different types of credit which can help lessen the fear of using it (Credits: Getty Images)<\/figcaption><\/figure>\n<div class=\"video-player\">\n<div class=\"metro-video-player \" data-track-module=\"video-player\">\n<div class=\"vjs-video-container vjs-fixed vjs-responsive\">\n\t\t\t\t\t\t\t\t\t\t{&#8220;@context&#8221;:&#8221;https:\/\/schema.org&#8221;,&#8221;@type&#8221;:&#8221;VideoObject&#8221;,&#8221;name&#8221;:&#8221;Metro.co.uk&#8221;,&#8221;duration&#8221;:&#8221;T30S&#8221;,&#8221;thumbnailUrl&#8221;:&#8221;https:\/\/i.dailymail.co.uk\/1s\/2025\/05\/19\/16\/98535393-0-image-a-3_1747669105214.jpg&#8221;,&#8221;uploadDate&#8221;:&#8221;2025-05-19T16:09:35+0100&#8243;,&#8221;description&#8221;:&#8221;Deadlines move fast. So do you &#8211; with the Samsung Galaxy S25 Ultra on Vodafone Business&#8217; powerful network&#8221;,&#8221;contentUrl&#8221;:&#8221;https:\/\/videos.metro.co.uk\/video\/met\/2025\/05\/19\/1760175980206013783\/480x270_MP4_1760175980206013783.mp4&#8243;,&#8221;height&#8221;:270,&#8221;width&#8221;:480}<\/p>\n<p>\t\t\t\t\t<video id=\"3439011\" class=\"video-js\" poster=\"https:\/\/i.dailymail.co.uk\/1s\/2025\/05\/19\/16\/98535393-0-image-a-1_1747669102260.jpg\" data-opts=\"{&quot;controls&quot;:true,&quot;preload&quot;:&quot;metadata&quot;,&quot;autoplay&quot;:false,&quot;videoId&quot;:3439011,&quot;duration&quot;:30,&quot;pageURL&quot;:&quot;The-power-AI-small-business&quot;,&quot;title&quot;:&quot;The power of AI for small business&quot;,&quot;previewText&quot;:&quot;Deadlines move fast. 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preload=\"metadata\" playsinline><\/p>\n<p class=\"vjs-no-js\">To view this video please enable JavaScript, and consider upgrading to a web<br \/>\n\t\t\t\t\t\t\tbrowser that<br \/>\n\t\t\t\t\t\t\t<a href=\"https:\/\/videojs.com\/html5-video-support\/\" target=\"_blank\" rel=\"noopener\">supports HTML5<br \/>\n\t\t\t\t\t\t\t\tvideo<\/a><\/p>\n<p>\t\t\t\t\t<\/video>\n\t\t\t\t<\/div>\n<div class=\"metro-video-player__up-next-placeholder\">\n<div class=\"metro-video-player__up-next-placeholder-header\">\n<div class=\"metro-video-player__up-next-placeholder-header-label\">\n<p>Up Next<\/p>\n<p>\t\t\t\t\t\t\t<span class=\"spinner\"><\/span>\n\t\t\t\t\t\t<\/div>\n<div class=\"metro-related-video-carousel__navigation\">\n<div class=\"metro-related-video-carousel__arrow metro-related-video-carousel__arrow--left disabled\">\n\t\t\t\t\t\t\t\t<title>Previous Page<\/title>\n\t\t\t\t\t\t\t<\/div>\n<div class=\"metro-related-video-carousel__page\"><\/div>\n<div 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class=\"metro-related-video-carousel__related-video-placeholder-thumbnail\">\n\t\t\t\t\t\t\t<\/div>\n<div class=\"metro-related-video-carousel__related-video-placeholder-headline\">\n\t\t\t\t\t\t\t\t<span><\/span><br \/>\n\t\t\t\t\t\t\t\t<span><\/span><br \/>\n\t\t\t\t\t\t\t\t<span><\/span><br \/>\n\t\t\t\t\t\t\t\t<span><\/span>\n\t\t\t\t\t\t\t<\/div>\n<\/p><\/div>\n<div class=\"metro-related-video-carousel__related-video-placeholder\">\n<div class=\"metro-related-video-carousel__related-video-placeholder-thumbnail\">\n\t\t\t\t\t\t\t<\/div>\n<div class=\"metro-related-video-carousel__related-video-placeholder-headline\">\n\t\t\t\t\t\t\t\t<span><\/span><br \/>\n\t\t\t\t\t\t\t\t<span><\/span><br \/>\n\t\t\t\t\t\t\t\t<span><\/span><br \/>\n\t\t\t\t\t\t\t\t<span><\/span>\n\t\t\t\t\t\t\t<\/div>\n<\/p><\/div>\n<div class=\"metro-related-video-carousel__related-video-placeholder\">\n<div class=\"metro-related-video-carousel__related-video-placeholder-thumbnail\">\n\t\t\t\t\t\t\t<\/div>\n<div class=\"metro-related-video-carousel__related-video-placeholder-headline\">\n\t\t\t\t\t\t\t\t<span><\/span><br \/>\n\t\t\t\t\t\t\t\t<span><\/span><br \/>\n\t\t\t\t\t\t\t\t<span><\/span><br \/>\n\t\t\t\t\t\t\t\t<span><\/span>\n\t\t\t\t\t\t\t<\/div>\n<\/p><\/div>\n<div class=\"metro-related-video-carousel__related-video-placeholder\">\n<div class=\"metro-related-video-carousel__related-video-placeholder-thumbnail\">\n\t\t\t\t\t\t\t<\/div>\n<div class=\"metro-related-video-carousel__related-video-placeholder-headline\">\n\t\t\t\t\t\t\t\t<span><\/span><br \/>\n\t\t\t\t\t\t\t\t<span><\/span><br \/>\n\t\t\t\t\t\t\t\t<span><\/span><br \/>\n\t\t\t\t\t\t\t\t<span><\/span>\n\t\t\t\t\t\t\t<\/div>\n<\/p><\/div>\n<div class=\"metro-related-video-carousel__related-video-placeholder\">\n<div class=\"metro-related-video-carousel__related-video-placeholder-thumbnail\">\n\t\t\t\t\t\t\t<\/div>\n<div class=\"metro-related-video-carousel__related-video-placeholder-headline\">\n\t\t\t\t\t\t\t\t<span><\/span><br \/>\n\t\t\t\t\t\t\t\t<span><\/span><br \/>\n\t\t\t\t\t\t\t\t<span><\/span><br \/>\n\t\t\t\t\t\t\t\t<span><\/span>\n\t\t\t\t\t\t\t<\/div>\n<\/p><\/div>\n<div class=\"metro-related-video-carousel__related-video-placeholder\">\n<div class=\"metro-related-video-carousel__related-video-placeholder-thumbnail\">\n\t\t\t\t\t\t\t<\/div>\n<div class=\"metro-related-video-carousel__related-video-placeholder-headline\">\n\t\t\t\t\t\t\t\t<span><\/span><br \/>\n\t\t\t\t\t\t\t\t<span><\/span><br \/>\n\t\t\t\t\t\t\t\t<span><\/span><br \/>\n\t\t\t\t\t\t\t\t<span><\/span>\n\t\t\t\t\t\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>\t\t\twindow.addEventListener(&#8216;metroVideo:relatedVideosCarouselLoaded&#8217;, function(data) {<br \/>\n\t\t\t\tif (typeof(data.detail) === &#8216;undefined&#8217; || typeof(data.detail.carousel) === &#8216;undefined&#8217; || typeof(data.detail.carousel.el_) === &#8216;undefined&#8217;) {<br \/>\n\t\t\t\t\treturn;<br \/>\n\t\t\t\t}<br \/>\n\t\t\t\tvar player = data.detail.carousel.el_;<br \/>\n\t\t\t\tvar container = player.closest(&#8216;.metro-video-player&#8217;);<br \/>\n\t\t\t\tvar placeholder = container.querySelector(&#8216;.metro-video-player__up-next-placeholder&#8217;);<br \/>\n\t\t\t\tcontainer.removeChild(placeholder);<br \/>\n\t\t\t\tcontainer.classList.add(&#8216;metro-video-player&#8211;related-videos-loaded&#8217;);<br \/>\n\t\t\t});<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Understanding the benefits and rates of different types of credit will help you to be less scared of using it, and to set it up to your advantage. Potential benefits include: <\/p>\n<ul class=\"wp-block-list\">\n<li><strong>Extra time:<\/strong> Credit cards and <a href=\"https:\/\/metro.co.uk\/2025\/05\/19\/shoppers-using-klarna-now-face-stricter-credit-checks-23113635\/\">buy now pay later<\/a> (BNPL) schemes don\u2019t cost you anything in interest as long as you pay on time.<\/li>\n<li><strong>Reward points and cashback:<\/strong> There can be perks such as frequent flyer miles, Nectar points and cash.<\/li>\n<li><strong>Credit score building:<\/strong> All credit card providers, and some BNPL options such as Zilch, report your regular payments of debt to credit rating agencies. This means that if you pay back debt regularly to them, your credit score will increase, not decrease, because lenders can see you are responsible with money. Having a good credit score makes it easier to get mortgages and other deals.<\/li>\n<li><strong>Consumer protection:<\/strong> Credit cards and Zilch offer Section 75 protection, which means if you buy something over \u00a3100, the provider is also liable if a firm goes bust or goods are faulty.<\/li>\n<\/ul>\n<h2 class=\"wp-block-heading\">Have a payment plan in place<\/h2>\n<figure class=\"img-container shareable-item wp-caption\">\n<div class=\"img-wrap\">\n\t\t<img width=\"646\" height=\"431\" src=\"https:\/\/pharosstory.com\/wp-content\/uploads\/2025\/05\/GettyImages-2152071525.jpg\" class=\"article-image wp-image-23169866\" alt=\"Woman hand with pencil writing on calendar page\" loading=\"lazy\" \/>\t<\/div><figcaption>Having a plan to pay back any credit you&#8217;ve taken out means there should be no fear in using it (Credits: Getty Images)<\/figcaption><\/figure>\n<p>Knowing you have a plan to pay back any credit you\u2019ve taken out means there should be no fear factor in using it. That means keeping a diary record of when payments need to be made,<a href=\"https:\/\/metro.co.uk\/2025\/05\/19\/im-53-never-savings-thought-normal-23114377\/\"> putting aside money<\/a> in a separate account or savings pot to make payments on BNPL schemes and setting up direct debits to pay off cards in full every month unless they have an interest-free period.<\/p>\n<p>Always make the minimum \u2028payment on any debt, as not doing so will ruin your credit rating and remove any interest-free period you have on a card.<\/p>\n<h2 class=\"wp-block-heading\">Super-charge your savings<\/h2>\n<p>If you can get credit for a longer period and use that to spend, then your savings can stay in your account earning money for longer. This is a process known as \u2018<a href=\"https:\/\/metro.co.uk\/2022\/11\/11\/i-was-in-over-1000-of-debt-heres-how-i-got-out-of-it-17729864\/\">stoozing<\/a>\u2019 and it isn\u2019t for everyone, but if you\u2019re clever you can make money on your own cash while using credit for free.<\/p>\n<p>If you\u2019re doing this, make sure your own money is earning the highest interest possible (use <a href=\"https:\/\/moneyfactscompare.co.uk\/\">Moneyfacts Compare<\/a> to check the highest rates on cash savings) and always pay back your debt before any interest-free period ends.<\/p>\n<h2 class=\"wp-block-heading\">Get help if you need it<\/h2>\n<p>Credit can be a powerful friend but \u2028if you get into trouble with it, debt can cost you dearly. Charities such \u2028as <a href=\"http:\/\/stepchange.org\">StepChange<\/a>\u2028and <a href=\"http:\/\/citizensadvice.org.uk\">Citizens Advice<\/a> can help if you are struggling with debt.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s a good way to manage your money if you follow simple rules. (Credits: Getty Images) Listen to article Listen to article Your browser does not support the audio element. Many of us are frightened of borrowing money, whether on a credit card or through a loan or mortgage, with a recent survey from comparison [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1190,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"_links":{"self":[{"href":"https:\/\/pharosstory.com\/index.php\/wp-json\/wp\/v2\/posts\/1188"}],"collection":[{"href":"https:\/\/pharosstory.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pharosstory.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pharosstory.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pharosstory.com\/index.php\/wp-json\/wp\/v2\/comments?post=1188"}],"version-history":[{"count":3,"href":"https:\/\/pharosstory.com\/index.php\/wp-json\/wp\/v2\/posts\/1188\/revisions"}],"predecessor-version":[{"id":1194,"href":"https:\/\/pharosstory.com\/index.php\/wp-json\/wp\/v2\/posts\/1188\/revisions\/1194"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pharosstory.com\/index.php\/wp-json\/wp\/v2\/media\/1190"}],"wp:attachment":[{"href":"https:\/\/pharosstory.com\/index.php\/wp-json\/wp\/v2\/media?parent=1188"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pharosstory.com\/index.php\/wp-json\/wp\/v2\/categories?post=1188"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pharosstory.com\/index.php\/wp-json\/wp\/v2\/tags?post=1188"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}