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Consumers should 'keep an eye' on credit card debt

Consumers should 'keep an eye' on credit card debt

- Friday, 6 August 2010

Consumers should be wary of credit cards and make sure that they can afford the monthly repayments before obtaining one to avoid debt problems.

That is according to a spokesperson for moneyfacts.co.uk, who also advises consumers to check their credit rating, which can be done online.

This is because obtaining a credit card can still be risky and lead to debt despite a slight return to a competitive market, the spokesperson stated.

She said: "The risk of unemployment is still high for many and credit card debt is always the first out of all debts which a person will default on."

Consumers should also try to make more than the minimum repayments required on a card, she added.

There are some good deals on credit cards available if a consumer shops around.

According to moneysupermarket.com, people can benefit from renewed competition in the credit card market as more providers are offering interest-free promotional periods on balance transfers and purchases.
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