You are here: Home - Credit Cards & Loans -

Don’t put it all on the plastic this Christmas, warns debt charity

Written by:
Credit card users are being warned against over-spending heavily on the plastic to fund this year's festive season from a leading debt charity.

Credit Action revealed that 27.7m plastic card transactions are made every day in the UK, all adding up to a whopping £1.362m.

Plastic cards constitute both credit and debit purchases, with £943m spent on debit cards over 21.3m transactions daily and £419m spent on credit cards over 6.4m transactions daily.

The charitry says that this will increase as pressure to spend builds during the Christmas season.

Michelle Highman, CEO of Credit Action said: “It’s a lot easier to lose track of spending when it’s done on any sort of card. But credit cards in particular can encourage us to think that we’re not spending real money.

“Even the most money conscious of us splash out during the Christmas season and it’s easy to say ‘I’ll worry about it later’, but this approach has consequences, especially when using credit to finance Christmas.

“Credit isn’t free money and you will need to pay it back later. Worse still, if it isn’t possible to pay off your credit card when you get the bill, the true cost of Christmas will continue to go up and up each month that you’re paying it down.”

Credit Action advises consumers to track how much they are spending in order to not lose sight of how much is being spent.

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:
Autumn Statement 2012: govt gives green light to super-long gilts

The government will pave the way for the issuance of ‘super-long’ gilts by removing the current maturity cap.