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One in ten 'could not manage without credit card'

One in ten consumers would be unable to manage their finances without their credit cards, according to new research from Tescocompare.com.

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30 June 2009

One in ten 'could not manage without credit card'”

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According to the data, 84% of consumers do not intend to use their credit cards less in the future.

Debra Williams, spokesperson for Tescocompare.com, said: "We'd urge anyone that uses a credit card to review their current card to check they're on the best deal possible."

Switching to a credit card that pays a lower interest rate or has an interest free repayment period could decrease the cost of borrowing, Ms Williams continued.

The research carried out online, with a sample size of 2,009 adults, was commissioned by Opinium Research LLP.

Tescocompare.com also advises credit card holders to set up a direct debit to ensure monthly payments on cards are made automatically to save money.

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Credit Cards	0% Balance Transfers	0% Purchases	APR Representative (Variable)
	Tesco ClubCard Credit Card
	9 months	15 months	16.9^%
16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
	Virgin Credit Card
	20 months	3 months	16.8^%
16.8% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.8% p.a(variable).
	Barclaycard Platinum with BT
	22 months	3 months	17.5^%
17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
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