Financial Services > Credit Cards > Credit Cards News

Don't ditch all the credit cards, expert advises

Mon, 26 Jan 2009

People who are struggling with debt should not cut up all their credit cards, according to one expert.

Neil Munroe, external affairs director at Equifax, explained that while people should do all they can to bring down their outstanding balance, getting rid of all their credit cards could be a bad move.

"We do acknowledge that having access to credit could be useful in the future and that's why we are advising that consumers don't cut up all their cards," he said.

However, people should remember that credit cards are an expensive way to pay for things if the balance is not paid off in full each month, Mr Munroe added.

Recently, Halifax launched a new online credit card which offers zero per cent interest on balance transfers for a period of nine months.

According to the bank, the average credit card holder could save £151 by taking advantage of the offer.
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

Choose a credit card

Choose the perfect card

Choose the right credit card for you and apply with confidence.

Choose a credit card