12m Brits use credit cards for essential purchases
A growing number of cardholders are using credit cards to pay for essential day-to-day living, figures released by the Post Office have revealed.
12m Brits use credit cards for essential purchases”
A growing number of cardholders are using credit cards to pay for essential day-to-day living, figures released by the Post Office have revealed.
More than 12 million (36%) of British consumers plan to use their credit card this January on essential purchases such as grocery shopping, a rise from 30% of cardholders who were asked last year.
The research found 10% of customers are looking to spend more money through credit offers in the next 12 months, while 45% do not plan to repay their credit card debts in full at the end of each month.
Az Alibhai, head of lending at the Post Office, said the continuing trend for consumers to "rely on their cards for basic day-to-day purchases is a concern".
Credit cardholders are advised to set up direct debits rather than pay off the minimum amount of their bill each month, as this reduces the amount of interest paid.
Written by Charlotte Stevens ©
