Security risks increase for multiple cardholders

According to a recent report the risk of security breaches and fraud is increased amongst consumers that hold multiple credit cards. Many people, especially men and younger consumers, tend to carry all of their cards with them at the same time, and some even allocate the same PIN to each card, which also increases the risks.

However, at the same time the number of people that are taking out multiple credit cards is also on the increase, with many becoming reliant on credit to fund their day to day expenditure and even to pay bills, with rising living costs and the effects of the global credit crunch causing severe financial problems for many households.

Some officials have expressed concern over the rising number of multiple cardholders, stating that many could quickly find themselves getting into a financial mess and knee deep in debt as a result of using all of these cards. This is particularly worrying given the rising trend of paying bills and even mortgage repayments with credit cards.

It was found that some people were even using their credit cards to pay off other credit cards, which caused particular concern for industry officials. This could be because many are now finding it hard to get an affordable deal on a 0% balance transfer credit card.