Brits in “dangerous habit” of relying on credit

| February 17, 2010 | 0 Comments

Over 14 million Brits are using credit cards to fund everyday expenses, according to research by moneysupermarket.com.

The price comparison site said the reliance on debt to pay for day-to-day purchases is a “worrying trend”.

Purchasing goods online is the most popular use of credit cards, with 56% of credit card holders using their card for internet shopping.

Two in five (40%) credit card holders use their card for day-to-day spending.

A quarter (25%) use their card specifically to earn reward points.

“Our research makes clear the extent to which many of us rely on credit cards at frequent intervals in our lives,” said Peter Harrison, moneysupermarket.com credit card expert.

However, he warned against using credit cards for everyday expenses as a matter of course.

“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,” he said.

“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.”

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