Standard Life survey shows high credit card use
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04 October 2011

Credit card spending is taking priority over saving

A new survey from Standard Life shows that people are currently spending much more on their credit cards each month than they are managing to put away into savings and Isa accounts.

UK adults with credit cards spend £3,804 on credit card payments each year, or £317 every month, according to the Standard Life report Your Commitments, Your Future. In contrast, people making monthly savings put £1,680 each year into savings acccounts and Cash Isas, or only £140 every month.

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Related News:

Five Reasons to Use a Credit Card Instead of a Debit Card
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1. Fraud Liability

If someone steals your card, by law, you only have to pay $ 50 for any credit card transactions that weren’t made by you.  For debit cards, however, you must notify the bank within two days to pay only $ 50, but after that, it can increase to up to $ 500.

2. Blocking

When you rent a car or a hotel room, many companies charge you more than what you’re supposed to be paying (which puts a block on your card).  This way, if you’re responsible for something going wrong, they can justify charging you more.  If nothing goes wrong, you should get the money back – but it may take a few days.  If you use your debit card, this limits the amount of money in your bank account.  But if you use a credit card, your bank account won’t be directly affected.

3. More Protection

When you purchase something that will be delivered to you, use a credit card.  That way, it gives you an added insurance in ca…………… continues on
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