If you’re like most people, you probably own at least one.

And like most people, you’ve maybe never thought what it’s really costing you

At a recent conference held by the Fabian Society at London’s Imperial college, one of the issues discussed was happiness, and, more specifically, why it seems to elude so many of us.

One of the conclusions reached was that one of the greatest causes of unhappiness in the last 50 years has been people’s constant desire to raise their level of material wealth (especially in relation to others who have more).

As one speaker noted, ‘We’re like children on a rainy Sunday afternoon, impossible to please. We have everything and nothing.’

You may disagree, but I can’t think of a worse modern symbol of this constant craving than the credit card.

Yes, I know, they might seem a godsend when payday isn’t for another week and a half. Having ‘free’ money can be a fantastic thing…if you manage to pay it back on time that is…

If you’re like a great many, though, and only managing to make that minimum monthly repayment, here are 4 things to think about the next time you reach for that piece of plastic

1 It’s very expensive!

2% interest a month may sound like peanuts but that equates to 24% per year. Let’s imagine, like me, you lived in the UK, and had an average balance of

Tags: budgeting, credit, credit cards, debt, debt relief, finance, wealth, wealth buildingbudgeting, credit, credit cards, debt, debt relief, finance, wealth, wealth building

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