Credit crunch 'will not affect responsible credit card users'
Published On 16 April 2008
The credit crunch will not really affect people who use credit cards responsibly, an industry expert has said.Samantha Owens, head of personal finance at Moneyfacts, explained that there was no need for consumers to worry about their credit card debt "as long as you use them wisely".
However, she pointed out that people who had been struggling financially before the credit crunch were likely to find it increasingly difficult to manage their debt.
"As long as you're using them wisely there's no reason why you shouldn't continue to use your credit card," Ms Owens added.
"Credit cards offer a lot of protection with making purchases, so if you're the kind of person who's been managing their money perfectly well up until now then there's no reason why you shouldn't continue.
"Generally, the credit crunch shouldn't have an affect if you're good with your money, although if you're bad with your money it's going to be the same situation as before the credit crunch and you are going to get into difficulties."
Research from MoneyExpert showed that the rates on credit cards have increased over the past six months as credit card companies look to clampdown on problem borrowers.
