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Big ticket purchases may lead to credit card charges

People may end up incurring credit card charges if they use their cards to make big ticket purchases.

Justin Modray, of candidmoney.com, claims that people should not use their credit cards for expensive purchases unless they can pay the balance off in full quickly.

He said: "Credit cards are usually an expensive way to borrow money … unless you plan to repay the bill shortly afterwards.

"For example, if you pay for a £500 holiday using an 18 per cent annual percentage rate credit card and then simply make minimum monthly payments thereafter, it could take over nine years to clear the debt."

Mr Modray added that this would eventually amount to £340 in interest.

According to recent research by Travelex, over a quarter of Brits are planning to book their summer holiday on their credit card.

It revealed that 11 per cent of the population have already booked their holiday using their credit card.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.
 ADNFCR-2776-ID-800426014-ADNFCR



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