Credit cards 'offer many advantages'
Credit cards should be used for many reasons, according to advice from financial advisors Equifax.
The external affairs director at Equifax said that they are good because if anything goes wrong with purchases, the credit card company is as liable as the merchant from whom the goods are bought.
His comments come as UK payment's association Apacs revealed statistics showing a decrease in credit card spending in the last quarter. According to Apacs, credit card spending decreased by 3% compared to the last three months of 2008.
In comparison, sales on debit cards increased by 2% in the same period.
External affairs director Neil Munroe explained that the statistics could show an adjustment in how people are viewing the future.
Mr Munroe said that people "who may have used credit cards in the past are now looking more cautiously at the future and saying: 'I may use it for certain things but I am not going to use it as broadly as I used to and I will focus on keeping my debt position manageable in case things happen in the future'."
Written by Charlotte Stevens ©
