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Brits Still Relying On Credit Cards For Everyday Costs
15/02/2010
By Lea Pachta
Research from moneysupermarket.com has discovered the depth of reliance Brits have on credit cards. The research found that one in five of us carry more than three credit cards and that 17 per cent of credit card holders use their card at least once a day, with a further 28 per cent using their card at least once a week.
The research also discovered a worrying trend in that over 14 million Brits are using their credit cards to fund day to day expenses. The most popular use of credit cards is to purchase goods online, with more than half (56 per cent) of credit card holders using their card for this purpose. 40 per cent of credit card holders use their plastic for day to day spending. However, the data also showed that consumers are savvy when it comes to making their plastic work hard for them - 25 per cent use their card specifically for the reward points, and 11 per cent use their card for cashback and zero per cent purchases.
Peter Harrison, credit cards expert at moneysupermarket.com, said; "Credit cards are still playing an important role in the nation's finances. Our research makes clear the extent to which many of us rely on credit cards at frequent intervals in our lives although it's alarming to see that so many people are using credit to pay for day to day expenses as this can be a dangerous habit to get into. If you are funding everyday items such as petrol or food, and still paying for it long after the product has been used, you should seriously consider stopping.
"Holding more than one credit card can be a good idea, if you are using one for balance transfers and one for purchases, and have suitable zero per... continued on page two >
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