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Do You Rely On Your Credit Card?
Blog Post Date: Feb 21 2010
Do you rely on your credit card?
Do you put every purchase on the plastic? Find out how to bring your credit cards back under control.
One in five of us possessed more than 1 credit cards and 17% of cardholders use their card at least once in a day. In total, more than 14M people rely on credit, rather than cash or debit cards for their daily living expenses.
And this could post a problem.
"It's alarming to see that so many people are relying on credit to pay for everyday expenses as this can be a dangerous habit to get into," said Peter Harrison, Moneysupermarket.com credit cards expert.
"If you are paying everyday items such as petrol or food and still paying for it long after the product has been used, you should seriously consider stopping."
With several of providers hiking the annual percentage rate (APR) their cards charge, it could well be time to practice not relying on the plastic.
Some Capital One credit card users have recently been told the interest rate they're charged will be going up from 8.01 percent to 15.31 percent - almost double of what they pay - while the rate on Barclaycard's Platinum Simplicity rose by 1 percent to 7.8 percent, and MBNA raised the APR on its Platinum and Platinum Rewards cards to 16.9 percent.
VIA For tips on how to use credit card wisely, click here!
Keyword: Credit Cards
Do you put every purchase on the plastic? Find out how to bring your credit cards back under control.
One in five of us possessed more than 1 credit cards and 17% of cardholders use their card at least once in a day. In total, more than 14M people rely on credit, rather than cash or debit cards for their daily living expenses.
And this could post a problem.
"It's alarming to see that so many people are relying on credit to pay for everyday expenses as this can be a dangerous habit to get into," said Peter Harrison, Moneysupermarket.com credit cards expert.
"If you are paying everyday items such as petrol or food and still paying for it long after the product has been used, you should seriously consider stopping."
With several of providers hiking the annual percentage rate (APR) their cards charge, it could well be time to practice not relying on the plastic.
Some Capital One credit card users have recently been told the interest rate they're charged will be going up from 8.01 percent to 15.31 percent - almost double of what they pay - while the rate on Barclaycard's Platinum Simplicity rose by 1 percent to 7.8 percent, and MBNA raised the APR on its Platinum and Platinum Rewards cards to 16.9 percent.
VIA For tips on how to use credit card wisely, click here!
Keyword: Credit Cards
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