Credit plays a dual role in our society; sometimes a lifesaver, and at other times a murderer.

Trying to float above imminent economical disaster is a daily exercise for the majority.

So, credit companies often seem to be our rescuer, offering attractive interest rates, interest-free repayment periods and extended credit limits.

But, what they don't tell you at the time you apply for credit could be the knife edge you've been trying to avoid all along.

With the credit secrets they never disclose, you could be ignorantly heading for disaster

You can reduce your credit worthiness by applying for a lot of credit facilities: it's a fact.

The more credit you apply for, the more it's likely to reduce your credit rating.

The credit secret is that to the creditor, you're a high-risk customer who would spend easily, someone whom they can charge a higher interest rate from (it's usually clarified in the fine print that you don't tend to read).

They don't want you to pay the whole bill: yes, that's why they have a minimum monthly payment invoice.

The credit secret here is "the less you pay on a monthly basis, the more interest gets charged on your credit remainder."

In the end, you pay almost double the actual credit, because of the prolonged payments.

Low introductory interest rates don't last very long: they lure you with minimal interest rates, such as 4%, for the first six months or so. But, if you delay even one repayment, the interest goes up immediately.

The credit secret? Baiting you ... hook, line and sinker!

Additional fees are always added: if you think your credit repayments are subjected to a mere late payment fee, think again.

Credit cards are subjected to inactivity fees, overlimit fees and transaction fees, while other credit facilities carry additional fees calculated on overdrafts, failure to maintain a minimum balance and account closure.

Knowing these credit secrets will give you an advantage over the money sharks, and save you thousands of dollars over the years.