Multiple credit cards ’spell confusion’

Posted 2008-02-19

Having a multitude of credit cards in your wallet can lead to serious confusion over financial matters, it has been suggested.

The Consumer Credit Counselling Service said that Brits cite numerous different reasons for having more than one credit card and in many cases they appear to make good sense.

“People might have one for work, for example, or you could have one which has got a transfer balance on it with a low interest rate and then another one for purchases,” said CCCS spokesman James Ketchell.

He added, however, that Britains culture of relying on plastic means that for many consumers there is a detachment between their perceived spending power and their actual wealth.

“Weve become very used to taking credit out as a means of purchasing things, Mr Ketchell said - and any confusion over financial matters will only be compounded by having an array of different card providers.

“It can become confusing and people really have to stay on top of their credit card spending and their finances as a whole really,” he concluded.

Recent research by Datamonitor found that adults in the UK have more debit or credit cards than any of their European counterparts.

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