Do you rely on your credit card?
Do you put every purchase you make on your credit card? Find out how to bring your credit cards back under control.
One in five of us possessed more than one or two credit cards and studies shows that 17% of cardholders use their credit card at least once in a day. In total, more than fourteen million people rely on their credit card, rather than cash or debit cards for their daily living expenses.
And this could surely post a problem.
"It's truly alarming to see that so many people are now relying on credit to pay for everyday little expenses as this can be a dangerous habit for people to get into," said Peter Harrison, the Moneysupermarket.com credit cards expert.
"If you are paying for everyday items such as petrol or food and are still paying for it long after the product has been used, then you should seriously consider stopping putting all your purchases on plastic."
With several of providers hiking the annual percentage rate (APR) their credit cards charge, this could very well be the time to practice not relying on the plastic.
Some Capital One credit card users have recently been told that the interest rate they're charged will be going up from 8.01 percent to 15.31 percent - which is almost double of what they pay - while the interest 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 MSN
Keyword: Credit Cards
Do you put every purchase you make on your credit card? Find out how to bring your credit cards back under control.
One in five of us possessed more than one or two credit cards and studies shows that 17% of cardholders use their credit card at least once in a day. In total, more than fourteen million people rely on their credit card, rather than cash or debit cards for their daily living expenses.
And this could surely post a problem.
"It's truly alarming to see that so many people are now relying on credit to pay for everyday little expenses as this can be a dangerous habit for people to get into," said Peter Harrison, the Moneysupermarket.com credit cards expert.
"If you are paying for everyday items such as petrol or food and are still paying for it long after the product has been used, then you should seriously consider stopping putting all your purchases on plastic."
With several of providers hiking the annual percentage rate (APR) their credit cards charge, this could very well be the time to practice not relying on the plastic.
Some Capital One credit card users have recently been told that the interest rate they're charged will be going up from 8.01 percent to 15.31 percent - which is almost double of what they pay - while the interest 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 MSN
Keyword: Credit Cards
