Credit Cards Offer Ease and Flexibility
Over recent years credit cards in general have received a lot of bad publicity, and have been blamed for adding greatly to the UK’s personal debt mountain, with high interest rates and various charges being blamed for consumers falling into debt and being unable to afford their credit card repayments. Credit card fraud levels have also resulted in bad press for credit cards over recent years, and there is no doubt that many people have got themselves into a financial pickle as a result of overspending on their cards or failing to take care with their cards and account details.
However, one industry professional has recently stated that despite this bad press credit cards do still provide consumers with a very useful financial tool, offering ease, flexibility, and convenience, and enabling consumers to manage their finances more effectively. However, he also said that it was important for consumers to be sensible and responsible about using their credit cards and making repayments in order to avoid spiralling debt levels.
The official, from Sainsbury’s Credit Cards, stated: "A credit card is, despite press comment to the contrary, an incredibly flexible and user-friendly way of managing your finances. In terms of spending responsibly, if you’re looking to buy something for £1,000 - a piece of furniture…or a couple of white goods - this weekend…the card gives you the flexibility of making that purchase…and paying it off when you get paid."
He also said that the global credit crunch was unlikely to stop many consumers from spending money, which has been backed up by recent data that showed nearly half of consumers were not going to cut back on spending. However, an official from the British Banker’s Association said that whilst people spent more on credit cards in May repayment figures were lower than expected: "People spent more on credit cards, but repayment levels were lower than expected in May."
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