Many Brits may be using a credit card to help them ease the strain on their finances in the harsh economic climate.
However, some might still find they are struggling with their finances and allowing debt to mount up.
Almost one in ten (nine per cent) of the population are concerned they are in this position, according to new research from Gocompare.com.
It could still be possible for these individuals to resolve their situation, as dealing with
credit card repayments is not an unusual position - 26 per cent of UK adults expect they will be handling bills throughout the year.
Indeed, 22 per cent of respondents said one of their main concerns in 2012 was how they are going to address the rising cost of living while other costs - such as utility bills - are rising.
An estimated 35 per cent claimed they are looking at ways in which they can reduce their debt and complete their credit card repayments.
Setting a strict budget plan and looking over all outgoings is one way in which this can be achieved.
Furthermore, it is important the matter is addressed as soon as possible, as interest - when allowed to grow out of control - can exacerbate the situation.
It is recommended individuals repay more than the minimum sum wherever possible in order to avoid this becoming an issue.
This can also help build a
credit rating, as it will demonstrate to future lenders the person is able to manage their finances effectively and is a reliable borrower even when times are tough.
Credit cards, when used properly, can be an effective budgeting tool for people looking to keep their finances in check.
Other personal finance experts agree this is the case, particularly as the Bank of England is maintaining low rates of interest to incentivise spending, which is said to be beneficial to borrowers and lenders alike.
Posted by Gemma Walker
