More Than 3million Brits Are Juggling Five Or More Credit Cards.
Resent research shows that despite the current credit crunch we are experiencing, many people are still spending way beyond their means, racking up a staggering amount of debt that may prove to be unmanageable.
With the general cost of living going up by a considerable amount it seems we are turning to our credit cards for funding. This is a dangerous game to play; too many people are using the readily available credit in the wrong way. If you are juggling a number of credit cards and owe on all of them you are in real trouble.
Yes credit cards do come with their advantages and there is no harm in boxing clever by using the 0% deals to ensure you pay as little interest as possible but you must be realistic about the risks. If you are going to use your credit cards to help you financially then it is vital that you are a responsible borrower.
Credit cards can offer a little more peace of mind than say a loan with their purchase and loss protection. For that reason they are very popular when purchasing items online.
Research, done by an online comparison site, shows that 3.2 million Brits have five or more credit cards that they are juggling their finances across, that's an estimated amount of £50,090. The worse offenders were shown to be adults between the ages of 35 and 44. And with the added worry that only a minority of homeowners have insurance which will pay their mortgage if they lose their job, I'm sure there are a few sleepless nights to be had by these risk takers.
Be sure that when you take out a credit card you don't get too carried away by the incentives and added extras. Make sure you shop around for the best deal for your personal requirements.
