Are you playing your credit card right

31/05/2007

There are many cardholders who use their credit card properly, however many people result in a financial state due to improper use of their cards.

‘CCCS’ Consumer Credit Counselling Service Francs Walker a spokesmen stated that a card holder used his credit card up to the limit of £2,000 on one single purchase and paid the standard minimum monthly amount back, this would only cause problems in the future he said and it would take nearly 15 years to clear the remaining debt

Mr Walker said, "There are of course around 50 per cent of people who pay their cards off in full every month," indicating that some card holders do use their cards wisely.

He added, "between four and eight per cent of people who take out credit will get into difficulties, which is a small proportion, but obviously a huge number of people".

"People have got to learn how to use credit properly," he summarised.

Latest figures from the British Bankers' Association (BBA) indicated that credit card lending dropped by £100 million April period.