Having multiple credit cards can be “confusing”

Having a number of different credit cards can become “confusing” for borrowers, it has been claimed.

James Ketchell of the Consumer Credit Counselling Service warned that people need to be careful as often it is easy to forget that credit needs paying back.

“We’ve become very used to taking credit out as a means of purchasing things,” he said. “But I think now people are realising Ö that this is real money and it has to be paid back.”

According to Mr Ketchell, the British credit card market is very competitive due to its liberal approach to borrowing.

Often people will have one for work, one with a low interest balance transfer rate and one for purchases, he explained, stating that the British have more credit cards per person than any other European country.

Datamonitor found that the average Briton held 1.4 credit cards in 2006 and 2.8 credit or debit cards.

© Adfero Ltd

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