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Credit cards 'could lead to debt problems'
People should think carefully before using credit cards, given one expert's assertion that such products can result in debt problems.
Justin Modray, spokesman for advice website Candidmoney.com, noted that plastic can become a very expensive way to spend money and could risk sending someone into a "descending spiral of debt".
He advised people to apply for a zero per cent card if they have debt on a credit card that cannot be repaid within a few months, so the balance can be transferred.
"Better to save up for something than rack up expensive debts," Mr Modray further advised, telling consumers to think twice before using credit to buy a product that is more than is affordable.
His comments come after Halifax unveiled its longest-ever balance transfer credit card, with a 22-month zero per cent offer available for new customers.
Extras include card replacement if lost and cover against online fraud when buying goods over the internet.
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Justin Modray, spokesman for advice website Candidmoney.com, noted that plastic can become a very expensive way to spend money and could risk sending someone into a "descending spiral of debt".
He advised people to apply for a zero per cent card if they have debt on a credit card that cannot be repaid within a few months, so the balance can be transferred.
"Better to save up for something than rack up expensive debts," Mr Modray further advised, telling consumers to think twice before using credit to buy a product that is more than is affordable.
His comments come after Halifax unveiled its longest-ever balance transfer credit card, with a 22-month zero per cent offer available for new customers.
Extras include card replacement if lost and cover against online fraud when buying goods over the internet.
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Published: 31/08/2011
The information in this article was correct at the time of publication and contains time sensitive data and links, it may not be accurate at the time of reading.