People who use credit cards to cover some of their outgoings may be more successful in sticking to a budget plan than other Brits.
Editor of CashQuestions.com Annie Shaw explained this is one of the key benefits to using these financial products, noting there are many more.
She added there is an increased range of protection for individuals, including assurance against default under the terms of the Consumer Credit Act.
One example cited by the expert was section 75 of this scheme, which enables people to recover any money lost when ordering products from a company that may go bust.
"That is a very good reason to use your
credit card, even if you have got loads of money in the bank," Ms Shaw remarked.
Furthermore, the low interest rate being maintained by the Bank of England incentivises spending, which communications manager at the Council of Mortgage Lenders Bernard Clarke recently claimed is beneficial to both borrowers and lenders.
Posted by Martin Peacock
