Related Credit Card Article

"Credit cards being used for different payments"

By admin | January 3rd, 2009 | Credit Cards

Over the years credit cards have been used by millions of people for a wide range of purchases and purposes, with some using their credit cards to make larger purchases such as paying for a holiday and others using their cards to pay for purchases at certain times of the year such as Christmas and birthdays. However, over the past twelve months people have become far more reliant on credit cards for a wide range of other purposes to get them through a difficult financial period.

As a result of the ongoing global credit crunch things have become very difficult financially for many households over the past year, and instead of using their credit cards to fund special purchases or at certain times of the year many have been forced to rely on their credit cards on a regular basis to make payments on things like bills, mortgages, and more.

Many consumers have found themselves having to withdraw cash on their credit cards on a more frequent basis, which can prove very costly due to the high fees involved.

One official said: ‘People who use a credit card to withdraw cash may already be struggling under the burden of debt, and are forced to resort to this method of borrowing to make ends meet. They can ill afford to pay the exorbitant rates of interest that most lenders are now charging them.’

The charges and interest rates on credit cards have been rising over recent months even though the base interest rate has been falling, and this has caused grave concerns amongst various industry officials and even the Prime Minister, who are concerned about struggling consumers being fleeced by credit card companies.

Tags: credit card payments

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