Consumer should cut back on spending on credit cards
January 22, 2008
Consumers in the UK are being urged to cut back on credit card spending, particularly in light of the amount of debt that many are likely to have accrued on their credit cards over the Christmas and New Year periods. Many consumers have already expressed concerns over their impending credit card bills, which will show just how much they have spent over this period.
According to one official from the British Banker’s Association there is set to be a rise in the number of people that struggle to repay their credit card balance this year, particularly in light of rising energy prices, high food prices, high interest rates, and increased petrol prices. This is why, state officials, it is so important that consumers stop spending frivolously on their cards.
One official from the British Banker’s Association stated: "For 2008, on an individual basis as well as the UK as a whole, being financially careful has got to be the right thing to do." She added that it might be a good idea for those that find it difficult to control their spending to leave their credit cards at home when they go out, and use them only in emergencies.
Written by Peter Kenny · Filed Under News Credit Cards
People should stop spending like made on their credit cards. I know that credit is so convenient but so are pre-paid cards and they people to have more self control. I like obopay.com because it lets me send and receive money instantly, and monitor my activities. And it’s really cheap.