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Credit card charges: Brits turn to credit cards 21 days after payday

A high proportion of Brits may experience credit card charges on a monthly basis as many people turn to this method of payment 21 days after payday.

According to research by moneysupermarket.com, a quarter of Brits turn to credit cards to cover their costs until they next get paid.

A tenth of Brits turn to credit cards just 15 days after getting paid to tide them over.

Kevin Mountford, head of banking at the price comparison website, said: "With most of the population feeling the pinch at the moment, it's no surprise to see so many people reliant on credit so early in the month.

"However, unless you plan this properly and know you're able to pay off your balance, this can be a dangerous trap to fall into."

He added that it is important for consumers to sit down and go through their finances to come up with a monthly budget in order to save money.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.
 ADNFCR-2776-ID-800619198-ADNFCR



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