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In the UK credit and debt is something that has become a part of our daily lives, along with the checks, ratings, and reports. There are very few of us who have not taken out some form of credit at one time or another, whether in the form of a loan, a store card or a credit card. And even if we have avoided the temptation of unsecured debt, most homeowners have to take out a mortgage to buy a house.

It seems that buying on credit is something that more and more of us are doing these days, with the average household getting deeper into debt. But with intensive competition coming from internet companies, loans and credit are less expensive than they used to be, and actually offer some pretty attractive benefits to consumers.

So, why do we use credit?

Borrowing money means that we can buy what we want without delay. Waiting until we have saved enough money may mean missing out on a great bargain, or perhaps something that we would really struggle to function without, like having the car fixed or buying a new washing machine.

There are various ways in which we can borrow money, all of which are discussed within this website. One of the most straightforward and flexible ways is to arrange an overdraft facility on your bank account. Some banks do not charge interest on overdrafts, but make sure you always have the facility approved. Spending more money than you have saved in your account can result in large fines. Alternatively you could apply for a loan, either unsecured or secured (if you are a homeowner and want to secure the loan against your property). Next is the popular credit card; this can be a useful thing to have at hand if you need to pay out for something and are short of cash. But excessive borrowing can lead to high interest charges, so it is advisable to choose a card that offers a long-term low APR. Store cards work in the same way as credit cards, but you are limited to where you can use it. These cards notoriously charge a high level of interest.

When you borrow money you enter into a binding contract with the lender. The lender's side of the agreement is to pay you a lump sum, whatever the size of the loan that you applied for and were approved for. In return you must make regular monthly payments which in time will repay the loan as well as any accrued interest. Companies cannot enforce a contract will an individual that is under the age of eighteen.

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