Polonius, a character in Shakespeare's play "Hamlet" advises his
son, "Neither a lender nor a borrower be". With due respect to
Polonius and his genius, credit has become a part and parcel of
our life. While most of us cannot be lenders, we are bound to be
borrowers because of the system we live with. Consumer credit is
a scheme to receive goods and services today in lieu of the
payments made in future. When you use electricity, water, or
post-paid telephone services, you are using credit, as the
payment for these services will be paid later. These credits are
not harmful but we have to be careful about the most used
consumer credit options, i.e. credit cards, buying consumer
goods on credit and easy financing etc Uses and misuses of
credit Credit can be a great help in times of need but it can
also destroy your finances if used carelessly. Using credit has
two facets; it gives you immediate benefits in terms of
increased productivity, conveniences, or just simple
satisfaction to vanity; it also exerts financ