Using credit in a crisis: a good idea or a bad move?
Even with a well-controlled budget, no one is immune to financial problems. The loss of a job, a large unanticipated bill, a household appliance failing or even a major car breakdown are all imponderables that sometimes have to be faced.
While emergency savings are ideal for this kind of situation, we don’t all have the reserves needed to tackle the things life throws at us. That leaves us looking to credit as a way to plug the gap. But what are the advantages and disadvantages of this approach?