Credit cards can be financial suicide, says expert

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Credit cards can be financial suicide, says expert

Consumers must be careful in the way they use credit cards, since they can put themselves in a very difficult position by utilising them for the wrong purposes.

This is the opinion of UK Insolvency Helpline Debt Advice Service representative Richard Sorsky, who highlighted how using such products to pay down a mortgage is a terrible idea.

He also recommended not using credit cards to deal with tax bills and suggested this often happens because people are scared of the Inland Revenue.

In his view, individuals that make payments with their cards in place of their current account cash can put themselves at financial risk if they do not pay off the full balance each month.

"You've got to live within your budget; don't use your credit card for those [purchases], use credit cards for emergency items," explained Mr Sorsky.

Recent research by moneysupermarket.com showed that 43 per cent of those polled utilise credit cards for buying groceries.

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