Impulsive purchases 'are being funded with plastic'
Published On 23 January 2008
People in the UK are risking debt because they are making impulsive purchases on their credit cards, a new study has shown.Data released by swiftcover.com showed that 91 per cent of consumers thought they had made a regrettable purchase during 2007. What's more, 21 per cent used their credit card to fund these rash buys.
As a result, 15 per cent of people said that they had found that they could not really afford the item only after they had purchased it.
"Whether it's a pair of killer heels, or the latest 'must-have' gadget, it seems that we're addicted to spending now, paying later," commented Tina Shortle of swiftcover.com.
"But that means that we've also dropped our guard when it comes to 'sensible' habits like shopping around and as a result we are getting stung by shops' returns policies."
Recently, Sainsbury's Bank suggested that consumers should consider taking "advantage of credit cards with zero per cent balance transfers or zero per cent purchase rates" to help them clear their Christmas spending.
