Managing your money can seem like a complex thing to get right. Indeed, one in six adults is said to have financial worries in the UK.  And, in the USA, that is one in every three adults. The key to keeping on top of things when it comes to your finances is to understand all of the options open to you and when to use them best to your advantage.

One clear example of this comes with the use of credit cards. These little pieces of plastic are, according to the UK Cards Association, used to make almost 300 million purchases a month in the UK. But how to best manage a credit card?

This post is dedicated to my Indian readers. As the government takes a landmark decision for demonetizing the existing Rs. 500 and Rs. 1000 banknotes, while leaving the use of plastic money unaffected, it is sure to affect the way people look at plastic money. The decision will have a lesser impact on people who already use credit cards and debit cards while greatly affecting those who rely heavily on cash.

Though the use of credit and debit cards has increased in the last few years, a majority of Indians still prefer to transact in cash. While most of the people do not like the idea of using credit cards due to a fear of overspending, some of them shy away from as they believe it would harm their credit history and bring down their credit score.