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Brits continue to splash out on credit cards, expert says

Fri, 18 Apr 2008

Image conscious Brits continue to splash out on their credit cards despite the worsening economic climate.

Jim Hodgkins, managing director of CreditExpert, explained that people are keen to splash out on credit cards in order to appear wealthier.

He said: "Using credit to fund a lifestyle you can't really afford can lead to huge financial problems and if you don't keep tight control of your spending and how much you're borrowing, you can easily find you can't afford the payments and start to fall behind with them."

Mr Hodgkins added that people who did get in to trouble using with their credit cards will become less attractive to lenders and will not have access to cheap borrowing in future.

Because of this, people should make sure that they keep on top of their credit card payments, he concluded.

Yesterday, Beccy Boden-Wilks a debt adviser at National Debtline, said that credit card balance transfer deals are harder to come by and this could cause problems for those who have relied on them in the past.
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