HAVING credit is important but if you can't control spending it can bring trouble.
Credit is necessary for large purchases like a house or car.
Financial institutions' interest rates vary and they may offer specific benefits that could suit a particular need.
The answer lies in shopping around and making an informed decision.
Certain purchases like cars, TVs and computers are assets that do not increase in value.
A car depreciates in value the minute it is driven out of the showroom.
Being aware of your real needs allows you to make a sober decision on whether to make a purchase or not.
Spending a little less on a similar item serving the same purpose will reduce interest payments and the difference can be used to enhance one's overall savings.