<< Most Recent Articles

Credit card holders 'should avoid becoming detached from money'

People with multiple credit cards may be becoming detached from their finances, it has been claimed.

Although there are benefits for having several cards, such as having one for work and one for purchases, the Consumer Credit Counselling Service (CCCS) has commented that people may not be seeing the money in real terms.

James Ketchell, spokesperson for the CCCS, said that people should be careful about how many cards they have.

"We've become very used to taking credit out as a means of purchasing things," Mr Ketchell said.

"[Consumers] need to really be aware that the money they're using will have to be paid back at some point. It's very easy with credit cards because you're not seeing the money in real terms, so it becomes detached."

At the end of 2006, the average UK consumer had 1.4 credit cards, which was twice as many as Norway, which came in second in the survey, according to Datamonitor.

People with increasing credit card debt may wish to consider a consolidation loan in order to minimise their monthly outgoings.

See how much you could save with a consolidation loan from Lombard Direct.

© Adfero Ltd

19/02/2008 12:07:10

Most Recent Articles