Credit cards 'being used daily'
Consumers are increasingly using their credit cards to pay for day-to-day living costs, new research indicates.
The latest Consumer Credit Report from the Post Office shows just under a third (32 per cent) of adults plan to make use of their credit cards for daily purchases - such as groceries - in the early part of 2009.
A total of 2.6 million people plan to spend more on their cards than they did in 2008.
Head of lending at the organisation Az Alibhai explains just the bare minimum on a credit card every month can be expensive if the card has a high rate of interest.
"We recommend that people search the market to find the right deal, especially when you consider that some high street providers are offering credit cards with a 27.9 per cent APR or more," he adds.
In recent days, Jeffrey Strain told DebtSmart that consumers should keep an eye on their credit card spending in order to keep their finances in check.
Written by David Jones ©
