Brits who make use of a
credit card to meet the demands of the increasing cost of living should not neglect to take interest into account when preparing their budget plans.
Spokeswoman for Moneyfacts.co.uk Rachel Springall warned this is particularly the case for those who use the financial products to accommodate concentrated bursts of spending, such as over the Christmas period.
Another consideration the expert recommended giving some thought was the chance of dipping into an overdraft.
She acknowledged many people may have to do this in winter, having already spent money on gifts for friends, family and loved ones over the festive season, in addition to the difficulties associated with rising energy bills.
"Customers need to be aware of interest rates or daily charges, which can soon mount up if you stay in your overdraft," Ms Springall remarked.
If an individual takes any action to gain control of their finances, this could be a positive step, as research from MoneySupermarket.com recently revealed many UK adults are under stress because of money concerns.
Posted by Gemma Walker
