Be your own financial adviser: #1 credit cards

If this credit crunch has taught us anything about the people working in the financial services industry it is that they don't seem to have a clue about what they are doing... but who cares as long as there's a bonus or commission. Their reaction to the mess is just as reprehensible: freeze credit for everyone.

The whole thing raises the question of whether we should ever trust anyone with our money again. This story about bad financial advice is typical of the kind of thing that can happen when you entrust your money to someone with one eye on a fat cheque. It's not a one-off. Thankfully, This is Money has all the information and independence you need to make your own decisions and today for the people with the inclination but not the time we're launching the first of a sporadic series of helpful introductions to various aspects of your money.

1. Credit cards

Credit cards, in the right hands, are a fantastic way to get quick short-term interest-free money to buy stuff - but they're only fantastic if you pay off the balance at the end of the month. If you can't clear the balance then you don't have the right kind of hands and you should not have one. It's very simple. And don't fall for the intense pressure from the industry marketeers and commentators to take 0% cards to try to beat the system. If you don't have the right hands, you cannot win at cards.

If you are a confident player and hand on heart you know what you are doing, check out the best deals here: Best credit cards

But if this story rings more true with you - I can't get out of my credit card debt - then first check how long it will take to pay off your balance, with the credit card reality check calculator and consider a low-cost loan as an alternative. Do the sums: a credit card debt (APR 17%) of £5,000 over three years will cost you £1,417 in interest. A loan at 8% will cost £604. A saving of around £800.

Find the right loan here

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Beware rogue debt advice
Millions face debt disaster

How to get out of debt

Read our debt guides
Read/ask the debt experts
Check your credit rating
Reduce your debt repayments