According to a credit card industry expert, having a number of different credit cards can result in confusion and eventual debt . Whilst many consumers retain a variety of cards for different financial purposes, they should provoke extra care.
Many consumers apparently keep several cards, one for work, another for balance transfer rate and a third for purchases. A spokesperson for the Consumer Credit Counselling Service (CCCS), James Ketchell, reportedly warned that care should be taken.
Ketchell was reported as commenting: !I think people need to be careful and be aware this isn't free money . They need to really be aware that the money they're using will have to be paid back at some point!
He reportedly continued: "There are plenty of reasons why people may have numerous cards … but it can become confusing and people really have to stay on top of their credit card spending and their finances as a whole really."
Multiple credit cards prompt a warning
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Multiple credit cards prompt a warning
Mon, 18 Feb 2008
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