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Consumers will face credit card charges 'if they do not pay off balance in full each month'

Consumers could face credit card charges if they do not pay off their balance in full at the end of each month.

That is according to Justin Modray from, who was discussing the advantages and disadvantages of using a credit card to pay for goods.

He said: "Paying by credit card can be a very convenient and cost effective way of paying for goods, provided you repay your balance in full each month.

"But if you start incurring interest the financial consequences can be painful, with most cards charging around 17 per cent APR."

Mr Modray added that people who already have debt on a credit card could think about getting a car with a zero per cent introductory rate, but warned they must be able to repay the balance once this rate ends.

His comments follow news that Barclays has launched a 24 month interest free credit card.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.

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