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Top reasons why using a credit card is great for your financial health

Sarah Jones | 2 May 2014



Credit card health - stock photo

Taking care of your financial health...


For single mums, balancing the books at the end of every month can be a stressful process...

For single mums, balancing the books at the end of every month can be a stressful process. Luckily, many low-interest rate credit cards are available to help you keep your finances in great shape. If managed responsibly, covering a few outgoings with your credit card can be an excellent way to build credit and stay out of debt. Check out our top four reasons for choosing to use a credit card.

  1. Sign up incentives


    Whilst many banks only offer very standard debit card packages with low overdrafts or impractical benefits, many credit cards will allow you to build up everything from cash bonuses to gift vouchers and travel cards.

    A number of credit cards even allow you to collect points as you spend that can be redeemed in a variety of high street stores. As a result, it's always worth doing your research to find the best credit card for you.


  2. Protected payments


    Unlike debit cards, paying with a credit card is much more secure. Fraudulent payments made using a debit card will leave your account immediately and cause havoc whilst your bank tries to resolve the matter which could lead to missed scheduled payments. This could damage your credit score. However, when your credit card is used dishonestly, you simply notify your credit card provider and you will not be liable for any transactions during this period.

  3. Accepted everywhere


    As you may have discovered, certain payments such as those made when renting a car, staying in a hotel room or travelling abroad are difficult to make with a debit card. Many companies often insist on deposits or holding amounts above the cost of the transaction. Some companies prefer payment by credit card as it is easier to charge customers for any damages incurred during your usage period.

  4. Credit cards allow you to shift a debt


    If the low-interest period connected to your credit card is a few months from returning to a higher-than- average rate, the great thing about having a credit card is that you can move the debt to give yourself more time to repay the outstanding balance. With credit card companies competing for your business, often it is possible to move your debt on to balance transfer cards for a very small fee which will extend your repayment time for anything up to two years.








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What does it mean to be a single mum?Of course, the

kids

are the most important thing in a single mum's life. Kids are the focus and always have been. But along with the children, there are other matters that can confuse a single mum's life.

Centrelink

plays a big part of a single mother's life, mainly because this is where a large percentage of single mums get their finances from. Centrelink are the source from where the

single mother pension

, or as it is otherwise known, the single parent payment comes from. The single mother pension is a subsistence amount, but just the same, it is money to live on, and so it is important, no matter if it is called single parent payment, single mother pension or whatever Centrelink welfare classes it at the time

Often, single mums come out of a

divorce

or defacto relationship only to find that their troubles have just begun, and find that their first step leads them towards Family Law - it's time to engage a lawyer.
There are more than just Centrelink finance problems to worry about, as mentioned before, but also

child custody

issues. Child custody is something that hits right at the heart of

single mums

. If a single mother's ex husband or ex partner has been a domestic violence perpetrator, the mum may be greatly worried about child custody. They worry that their kids won't be safe with their spouse, who has already proven to be abusive because they caused

domestic violence

, which resulted in a divorce or separation.

Even so,

Family Court

will often still order a form of child custody named

Shared Parenting

. Shared Parenting is a form of child custody division of time or parental responsibility between the parents. Mother's often look for a good divorce lawyer to try to avoid share parenting with an abusive ex-spouse after divorce, however in many cases Shared Parenting is still the outcome after the divorce, no matter how good the divorce lawyers have been. They will often settle for visitation at a contact centre or access centre where fathers or mothers are supervised during child custody access.

Please remember the bigger font words,because we will use it often in our website.