Amount of daily credit card spending 'quite concerning'

Credit cards are being used as a daily method of payment by a number of the country's consumers, new research has found.

The latest Consumer Credit Report published by the Post Office shows that as many as 38 per cent of people may be looking to use such products to meet everyday costs this month.

Az Alibhai, head of lending at the organisation, is worried about the number of consumers who might be getting into credit card debt.

He commented: "Whilst 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."

People may resort to credit cards if they were given their December wages early ahead of the festive season, the Post Office believes.

Meanwhile, some of the problems that consumers may face if they opt for store credit cards have recently been pointed out by R3's president Peter Sargent.

Posted by Gemma Walker.