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A third clueless on credit cards

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26/06/2012
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.”

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Debt

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