28 May 2010
Almost 5 million British cardholders use credit cards to pay their bills on a regular basis, research from Moneysupermarket.com has found.
A further 2.5 million withdraw cash using their cards, which could cost Britain`s card users a combined £90 million in annual charges.
Kevin Mountford, head of banking at Moneysupermarket.com, said: "Used responsibly, credit cards can be an integral part of household budgeting but it`s alarming to see so many people using their cards to pay for what should be everyday spending. If you are using a card in this way, and not paying off the full balance each month, then you really do need to review your circumstances, as this is the first sign of financial difficulty."
A debt expert at Think Money said that anyone using credit cards to pay their bills because they can`t afford all their costs should seek debt advice as soon as they can.
"Credit card debt can be an expensive type of debt to carry, but it is also one of the most convenient, which is why so many people use credit cards to pay for day-to-day costs.
"However, if they can`t afford to repay that debt the consequences could be very serious, so we advise anyone struggling to seek expert debt advice as soon as they can."
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Tags: debt, bills, bill debt, credit card to pay bill, Money Supermarket, withdraw cash using credit card, credit card
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