EVERYONE knows colleagues who have many credit cards. They use them for shopping, dining out, entertainment and during their overseas tours. To some people, the number of credit cards they have is regarded as a status symbol.

However, if outstanding credit card debts are not cleared promptly, it is not unusual for some people to be paying more than a thousand dollars in interest every month, which had in fact become a fixed expenditure.

This way of using credit cards is not very sound financial management, so why not consider getting rid of all but one of the cards?

The use of credit cards is so common that it has become part of modern life. It facilitates our life by enabling us to carry less cash and spend on credit, which amounts to increasing our spending capacity.

Credit card companies give us all sorts of privileges, such as waiving the annual fee, discounts in certain shops/restaurants, gifts, as well as credit points which we can cash in for presents or discounted air tickets. A credit card user may also obtain "short term extra cash".

In fact, the interest rate for using credit cards is very high ¡Ð especially if a credit card user is not self-disciplined or economical enough to clear his outstanding credit card debts promptly. His continuous use of the cards only leads to a "snowball effect" on the accruement of interest, which further enlarges the size of the debts. Subsequently, some credit card users may have to obtain loans or cash advances from credit card accounts to meet due debt repayment, starting a vicious cycle of continuous borrowing.

Credit cards are meant to make life easier. But if they become a burden the original purpose of having them is defeated.

Credit card users should review their present pattern of using credit cards, with a view to using them less in order to improve their financial management. Only then will you be the real masters of your credit cards.

[Other news]

For Those Who Have Joined Or Are Going To Join The "Pay As You Earn" Scheme . . .

With effect from 1 February 1999, the interest rate for tax reserve certificates has been adjusted from the original 5.7083 per cent per annum to 5.4583 per cent per annum.

THEHong Kong Police Painting and Calligraphy Club will hold its 16th Anniversary Exhibition between from 9 to 11 April at the City Hall, 7/F, Exhibition Hall.

In line with the Force strategy on promoting healthy lifestyles, a Police Children Calligraphy Competition will be held during the exhibition period to encourage police parents and their children to practice Chinese Calligraphy.

The competition is open to the children of all serving police officers and civilian members serving in the Force, and divided into three categories (under 8 years of age, 8 to 12, and over 12).

Contestants are required to hand in their works on Chinese calligraphic paper measuring 24" by 12", clearly labelled with details of contestants and their parents names, ranks, U.I. postings and contact phone numbers, to: D/Sgt Wong Chun-chuen of DIS SMPDIST before 26 March.

Winners will be informed to attend the prize presentation ceremony to be held at 2:30pm on 10 April at the City Hall Exhibition Hall.

THE economic situation may not be so bright at the moment, but that doesn't mean you can't have fun with the great entertainment and promotions on offer at your Club throughout March. Just take a look . . .

FROM now on let the POC help you keep the kids amused on Sunday afternoons with great family entertainment.On 7 March POC presents a fantastic Magic Show in the Grill Room between 4pm and 5pm ¡Ð entry costs only $20 per child. If you enjoy the superb value Tea Buffet in the Beat Cafe before the show ¡Ð the magic show is free!

On Saturday March 27 between 3pm and 4:30pm the POC in association with the SPCA is proud to present noted dog expert Nelson Lam who will conduct a seminar on dog obedience in the Gallery. Places are strictly limited, so please book now to avoid disappointment on 2591-1911. The seminar will be in Cantonese with a brief demonstration afterwards (don't bring your own dog please). And the cost to you? It's free!

On Friday March 12 at 6pm in the Reading Room, the Club will present a French / Australian Wine Tasting (plus cheese and biscuits). Numbers are limited to 30, so please book ASAP with Club Reception on 2591-1911. And the cost to you? It's free as well!

Another Wine Appreciation Course will take place during June on Monday evenings between 7pm and 9pm covering "An introduction to Wine", "Tasting Wine" ,"Fine Wines" and "The World's Best". Book now on 2591-1911. And the cost? $1,750 (can's win them all).

Finally, POC management would like to apologise in advance for any inconvenience caused in the next few months by work being carried out to redecorate, renovate and re-invigorate the Club. The Games Hall will be closed until 27 March, the swimming pool throughout March, the pool bar will be given a face lift, and a brand new fitness room full of superb equipment will be opening towards the end of May.

New a la carte menu for March ¡Ð a great selection at great prices.
Set Lunch, three courses and tea/coffee, only $52 and new dishes available in March.
New Set Dinner, three courses, soft drink, tea/coffee, an unbelievable $68.
Special $9 hot dog promotion all month.

Brand new all-day A la Carte Menu ¡Ð big on choice, small on cost.
Special lunch offer ¡Ð steaming bowl of abalone & chicken congee for just $3.
If your bill is over $1,000 you will receive a free bottle of wine, if you choose a full Set Menu of $2,666 or above per table you also receive a FREE BOTTLE OF REMY MARTIN VSOP.

The town's happiest Happy Hour continues with Filipino San Mig still $9 per bottle.

Leave Homes

FORCE holiday bungalow accommodation is available from March 3 - 31 for Gazetted and Inspectorate officers and their civilian counterparts as follows:

Interested colleagues should obtain a letter of introduction from the Personnel Services Branch Holiday Facilities Unit and contact the hotels directly for reservations.