Full credit card balance payments 'likely to increase'
The ongoing global credit crunch is likely to result in more people paying off their credit card balances in full, it has been suggested by an expert.
Full credit card balance payments 'likely to increase'”
Neil Munroe, external affairs director at Equifax, states consumers are more likely to try and pay off as much of their credit card balance as possible due to uncertainty created by the continuing effects of the economic slowdown.
He adds the rate of unemployment could well increase, potentially making it harder for people to deal with their outgoings.
Mr Munroe states credit cards are a useful way of paying for things regardless of the conditions in the financial markets as there are a number of different forms of protection offered by them.
The Equifax representative's comments follow assertions from Donald MacLeod, head of Sainsbury's Credit Cards, who recently said the protection offered by credit cards may be one reason why more people are using them during the current downturn.
Written by Marcus Jenkins
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