Credit card users who intend to remain in control of their finances in a time of economic uncertainty may wish to consider making any repayments above the minimum required.
This has been suggested by spokeswoman from Moneyfacts.co.uk Rachel Springall, who advised any debt is best kept on top of as this stops it accumulating to a sum beyond the individual's control.
Carole Spiers, chief executive of the Carole Spiers Group, recently warned debt problems are very easy to fall into, particularly in the context of benefit cutbacks, rising unemployment and many firms downsizing - leading to increasing job losses.
She recommended outlining a budget plan in order to maintain personal discipline with regards to spending.
Indeed, keeping up with outgoings could help build a
credit rating and help negate the chance of further financial difficulties in the future.
"Customers should always aim to pay off more than the minimum repayment on a credit card and work towards paying off the whole balance as soon as possible," Ms Springall remarked.
Posted by Tom Burroughs
