Since about a decade ago, the rise in numbers of people using credit to fund larger purchases has been steep.

We have definitely become more impatient as a society, and this has meant that where we see an opportunity to acquire expensive consumer items we are unlikely to spurn that opportunity.

Due to the rise in availability of credit in the early part of this century, this has seen people taking out loans or putting expensive purchases on a credit card, to spread the cost over time.

But is it a good thing? Certainly, none of us are complaining when we get home with our big screen TV or new car, but what about when the payments start?

There are people who pay off their credit card balance in full when they receive their statement for the month, and in doing so build an excellent credit rating.

By doing this they also avoid the dangers of interest and late payment fees, and keep the card clear for purchases which need to be made at short notice.

It is entirely reasonable to use credit in this way, but the big risk is when you are making only the monthly payment each month on the balance of your card.

Doing this, it will take forever to pay it off. If you are using credit to pay for continuing, necessary costs, then you are likely to run into problems somewhere along the way. Work out a budget and live by it – it may be tight, but you’ll never have to hide when the doorbell rings.