Brits Become Part Of A Credit Card Nation
Studies have revealed that over two and a half billion Brits carry five or more credit cards, reflecting how reliant the nation has become on the convenience and flexibility that credit cards offer.
 Twenty five percent of adults carry at least three credit cards. According to officials from Moneyexpert.com the rise in the number of credit cards that British adults carry has been partly fuelled by the rise in interest free credit cards that have become available on the market.
Moneyexpert chief executive Sean Gardner stated: "The British love affair with credit cards continues. It is healthy if people are switching cards and clearing debts but people are kidding themselves if they rely on moving from one card to another just to avoid repaying their debt. Long zero per cent credit card deals are attractive for a variety of reasons and consumers shouldn’t be afraid to take advantage of them."
According to figures, around three quarters of adult Brits hold a credit card, and the majority of Brits that hold credit cards have at least one or two cards. Over eleven and a half million Brits have three cards or more, and figures show that it is more likely to be men than women that hold larger number of credit cards, such as five cards or more. Experts warn that despite the range of interest free cards on offer those using credit cards should still be mindful of what they are spending.
Mr Gardner added: "The number one rule is only borrow what you can afford to pay back. The problem is at Christmas time that’s a very difficult rule to follow. Credit cards are becoming our biggest Achilles heel – borrowing has become so cheap and minimum payments are so low that we feel absolutely no obligation to pay the money back as soon as possible. An interest-free attitude can be very dangerous in every sense of the word."
Alisdair Milton
15th December 2006
More Information:
- Do You Need To Have More Than One Credit Card?
Deciding whether or not to have more than 1 UK credit card can be a difficult decision to make. On the one hand, you want to keep a careful control on your personal finances and having numerous creditors makes this difficult. On the other hand, it can be convenient to have more than one credit card, for example in an emergency. So, should you have more than 1 credit card?
- Quick Balance Transfer Guide
Balance transfers allow card holders to transfer the money they owe to their existing credit card to another, usually at a special rate of interest. The new credit card company pays off the old credit card debt and transfers it to the new card. This article will tell you how to play the game.
- Successful Stoozing: A Guide
The introduction of 0% balance transfer deals brought a new financial practice which allowed people to use those deals to make money. The practice is known as 'stoozing' and it is closely related to credit card jumping. The difference is that successful stoozers have to be debt free, otherwise any gains made by stoozing will be lost in paying interest on credit cards.
- Are You A Stoozer?
'Stoozing' is a term that entered the English language at the start of the 21 st century. It refers to the practice of making money moving money from credit card to credit card to take advantage of preferential interest rates. Stoozers are similar to credit card tarts and credit card jumpers.
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