Consumers 'need to be careful if they have multiple credit cards'
Published On 18 February 2008
While it can be useful for consumers to have a number of different credit cards for difference financial purposes, it can also end up being confusing and lead to debt, an industry expert has warned.James Ketchell, a spokesperson from the Consumer Credit Counselling Service (CCCS), explained that some people used one credit card for work, another for purchases and a third with a low balance transfer rate.
He was making the comments after a survey revealed last week that Britons typically had the most credit cards of any European nation.
Mr Ketchell explained that the UK has "a far more liberal approach to credit" than many other nations.
However, he added: "I think people need to be careful and be aware this isn't free money. They need to really be aware that the money they're using will have to be paid back at some point.
"There are plenty of reasons why people may have numerous cards … but it can become confusing and people really have to stay on top of their credit card spending and their finances as a whole really."
Recently, Nationwide Building Society was given the Most Responsible Credit Card Lending Practices prize at the prestigious Card Awards.
