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Equifax: Do not cut up your credit cards

Credit card customers feeling the pinch as a result of the ongoing effects of the global economic slowdown should not reach for the scissors, they have been advised.

More from Spending Money
21 January 2009

Equifax: Do not cut up your credit cards

Neil Munroe, external affairs director at Equifax, states people are likely to be receiving their credit card bills from the festive period at the moment.

However, if they are considering chopping up their cards, they should think again, he adds, explaining that while it may seem tempting to do so, it could hinder them in the long term.

"Obviously, it's important to try to get financial matters straight first. But once they have achieved this, they may want to use credit in a responsible way to support their finances in the future," Mr Munroe continues.

Concluding, he notes access to existing credit could well be useful for people as 2009 progresses as it could be harder to find as a result of providers maintaining stringent lending criteria.

Equifax recently suggested cheques would become a less popular form of payment for consumers in future.

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