Consumers, who choose to balance a number of credit cards as a means to manage their finances, increase their chances of getting into serious debt.
That’s the warning as voiced by a representative of the consumer credit service, who state that a high percentage of Brits are actively using more than one credit card, equating to as many as 20% of multi card users running into financial difficulty due to a miscalculation of their expenses (and repayments).
The spokesperson also suggested that faired against consumers in other European countries, Brits are almost 4 times more likely to default on their cards, or make a complete mess of their finances due to reliance on their cards. Predominantly, this is because very few sections of the European populous exert the level of dependence on card credits, as borrowers within the UK. For the vast majority of European card users, ownership and indeed usage of multiple cards is an extreme rarity.
It has also been noted that a large percentage of multi card users are turning to personal loans and mortgage extensions, as a means to consolidate their amassed debts. “Credit hopping” is becoming extremely common in the UK, and is a further reflection on Britain’s tendency to make mistakes when it comes to choosing and using certain financial products.
