ThinkMoney.com Advises Consumers to Tackle Debt
ThinkMoney.com advises consumers to tackle debt
In a comment prompted by recent Apacs data, ThinkMoney.com have commented on consumer credit card spending:
“Credit cards are a perfectly reasonable way of spending money, so long as enough of the debt is paid off at the end of each month. If that doesn’t happen, the interest can soon begin to build up, and the high APR on some credit cards can mean it doesn’t take long before some credit card debts become unmanageable.
“With a recession looming and the festive season approaching, we strongly advise consumers to tackle any debts as soon as possible, to minimise any potential financial hardship in the future.”
Apacs, the Association for Payment Clearing Services says that spending on cards continues to rise. Financial experts Think Money encourage consumers to think about their spending habits.
Figures from Apacs (the Association for Payment Clearing Services) September report showed a 9.4% increase in credit card purchases in September, with gross lending increasing by 7.4%. Apacs figures illustrated that the total volume and value of card purchases were both higher than in any other month in the last twelve.
Apacs also recently revealed that men are more likely to hold a credit card.
www.apacs.org.uk
www.thinkmoney.com/debt/
