For decades consumers have regarded credit cards as an almost indispensable tool in their financial arsenals, with their flexible friends giving people the option of buying something when it best suits them and then paying for it only when they are able.

Of course, nothing comes for free in this world, and a reasonable amount of interest has always been seen as part of the deal and even a small price to pay for the convenience.

Indeed, even the risks of credit cards have been weighed up and found to be worth it by even the savviest of spenders, while personal finance experts have sung their praises, particularly when terms and conditions allow spenders to stay one step ahead of lender and even make money by switching balances.

However, over the past few months, as the global credit crunch begins to make itself felt among individual Brits, credit cards have arguably been one of the first casualties, being seen as a luxury item and an unnecessary risk in a time of economic uncertainty.

While it is certainly true that a majority of credit card companies have failed to pass on the Bank of England's recent cuts to the base rate of interest to customers and many have followed the example of Egg and cancelled the cards of thousands of people, according to some experts, there are still some great products out there.

Samantha Owens, head of personal finance at Moneyfacts, said: "We haven't seen the rates rising on credit cards like we have across other products just because the margins on them are so big already.

"Options are available at the moment and you really should be taking advantage of them now."

In particular, those borrowers who have been managing their money perfectly well up until this point, should generally have no reason to be worried about the credit crunch having a significant effect on their credit card habits.

Even those who pay off the minimum on their balances each month should not see a great deal of difference, so long as their discipline remains.

The only real thing for borrowers to look out for is that, in an effort to offset the losses caused by the global economic slowdown, many lenders are attempting to make money by putting up balance transfer fees.

As such, not many credit card companies would look kindly on consumers wanting to switch to them with outstanding balances of £1,000 or even £2,000, meaning many people could end up stuck on an expensive product they only ever took out as a short-term fix.

Like always, it's all about common sense and self-discipline, though unlike before when many people took a gamble with their personal finances, now it's perhaps wise to err on the side of caution.