Thursday 21st of May 2009
Consumers are likely to continue to use credit cards, despite the debt problems being faced in the current economic climate.
That is the view of Neil Munroe, external affairs director at Equifax, who noted that benefits to the form of finance remain.
He explained that protection of purchases is offered by credit cards, with safeguards in place under the Consumer Credit Act.
However, Mr Munroe added that borrowers are taking a more cautious approach, choosing not to use them as "broadly" as they may have done in the past.
This is because they are aiming to keep what they owe at a more manageable level, in order to avoid debt worries in the future.
Consumers who find they are unable to keep on top of what they owe may wish to seek advice on debt management programmes, in order to control their outgoings more effectively.
Recent figures from Apacs indicated that plastic card spending has increased 5.4 per cent over the last year.
