You are here: Home - Credit Cards & Loans -

A third clueless on credit cards

Written by:
More than a third of UK credit card holders who don’t pay off their balance in full every month have no idea how much they owe on their cards.

Research commissioned by credit reference agency Equifax revealed that one in five people pay off less than 25% of their credit card balance each month, and 60% don’t know what rate of interest they are paying on their cards.

A third go into overdraft every month and 10% have run out of money by pay day.

Neil Munroe, external affairs director for Equifax, said:

“Even with the latest news that inflation has dropped, it’s still hard for families to balance living costs with many not having a salary increase so far this year.”

He suggests thoroughly reviewing finances every year, saying:

“We think it’s very worthwhile to try to carry out a financial health check at least once a year, just to review overall finances and give them the control they need to effectively manage their debts.”


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
A millionaire by fifty

The dream of becoming a millionaire may become a reality for many men - although it might not feel that...