Credit cards are 'convenient and cost-effective' ways to pay

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Credit cards are 'convenient and cost-effective' ways to pay

A leading money advisory website has spoken about how credit cards can be a useful way to pay but cautioned against excessive accumulation of debt.

Candidmoney.co.uk spokesman Justin Modray said that credit cards represented a useful tool in consumers' pockets to pay for goods and services, so long as outstanding balances were paid "in full" by the month's end.

Credit cards have long been seen as ideal routes to improving a person's overall credit rating as well.

However, the UK-based Consumer Credit Counselling Service warned that many poorer families are increasingly becoming too dependent on the services offered by credit cards.

"If you already have debt on a credit card or are about to spend more than you can repay, then consider getting a card with a zero per cent introductory rate," said Mr Modray.

With news that Barclaycard is offering customers the longest ever balance transfer arrangement, consumers are encouraged to take up these deals but are being advised to make sure that once introductory rates run out, they can afford the increases.

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