A new report has shown the extent of credit card usage among people in the UK.
The research carried out by moneysupermarket.com shows that one in five people have three or more credit cards, while 40 per cent use their credit cards for day-to-day spending.
Also demonstrated is the way in which many have taken advantage of deals, with 25 per cent using a credit card because of the reward points offered and 11 per cent using them for cashback and zero per cent purchases .
Peter Harrison, credit cards expert at moneysupermarket.com, said: "Holding more than one credit card can be a good idea, if you are using one for balance transfers and one for purchases, and have suitable zero per cent deals on both."
However, he added that people need to be careful not to get into too much debt as it could result in bad credit ratings .
The Consumer Credit Counselling Service recently warned people in credit card debt not to use fee-charging management companies as charities could provide a better service.
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Research shows credit card usage in UK
Wed, 17 Feb 2010
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