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Increasing numbers of shoppers are paying for their purchases with credit cards as they struggle to make ends meet, the Post Office has stated.
According to their research, 38 per cent of adults are using credit cards this month to fund shopping for their groceries, an eight per cent increase on the number doing the same last year.
It is also estimated that a further ten per cent will spend more on their money this year than in 2009, with three per cent of people planning to apply for another credit card to boost their credit limits.
Post Office head of lending Az Alibhai said: “While the recession has left many with no choice, these debts build up quickly if not paid off in full each month and can be extremely costly over time when interest is added.”
I have always had a balance of about 6,000 on my cards but over the xmas period I have obviously spent a liitle more than I normally would. I can only afford to pay exactly what I was paying before but now I am not touching the debt, infact the balance is actually going up
Any advice??
Speak to you creditors explain your situation and see if they will reduce the interest and charges on a temporary basis. If you are having problems with any other debts then call us and will discuss your options with you – 0800 692 2000
I feel I have no choice but to use my credit cards when it comes to the end of the month. I would be much better off if they didnt keep charging me for using the card