Credit card customers 'should do their homework'

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Credit card customers 'should do their homework'

National money education charity Credit Action has advised consumers to research the market carefully before deciding on a credit card.

Chris Tapp, the director of the charity, said that before people sign up for anything they should ensure they "understand the whole product".

Although he advised looking at all the aspects of a credit card, Mr Tapp emphasised that there are some that are particularly important, primarily the interest rate.

In order to avoid being hit with charges, "wherever possible, make sure that what you are borrowing on the card you can afford to pay off the next month", he said.

He likened looking for a credit card to buying a car and suggested that a motorist would not just look at one aspect of the car, but would compare miles to the gallon and other features.

Research published by the Office of Fair Trading last month found that 70 per cent of credit card holders did not shop around before selecting their current card.
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